This is a tough topic. We understand that this isn’t something you want to think about, much less talk about. This is important because this affects all of your family members. Throughout your life you plan for everything. Your entire adult life you have planned for retirement. You have probably allotted money just for that time. Before you purchase a car, you plan all of the details about the car and if you can afford the expenses. Life insurance in no different. You are making a plan for the future for your loved ones. Let’s take a deeper look into life insurance.
Different policies cover different things. For instance, some policies cover suicide, while others don’t. Most of the typical causes for death are covered. An automobile accident, plane crash, skiing accident, illness, heart attack, brain injury accident, and freak accidents. There may be restrictions on activities, such as, ATVs, motorcycles, rock climbing, and other adventurous activities. Talk with your insurance agent to learn more about coverage.
When you set up your policy, you will be asked to choose a beneficiary. This is the person/persons who will receive the life insurance benefits. Your beneficiary can use those funds on college tuition, medical bills, mortgage, and day to day expenses. If you have small children, this will cover their expenses. The same goes for a spouse.
Just like homeowner’s and health insurance, there are different rates for different policies, based on the insurance companies level of risk. A life insurance quote considers your life expectancy, age, gender, and health. Before a policy is issued, you will be asked about your health history, as well as, family history, if known. The insurance company may request health records from your doctor and even a medical exam from a doctor of their choice.
When you are speaking with your agent about starting a policy, they will ask you questions about the needs of your family and how much you would like to be insured for. The amount that you choose will be factored in with your information about health, medical, and life expectancy before a policy is issued.
There are different types of life insurance: term and whole. Term is for a set amount of time. Your policy may be a year, two years, or other terms. Whole life insurance covers your whole life. Your policy isn’t based on a set amount of time, rather your entire life.
No matter what your age is, life insurance is a must. Car wrecks, fires, and other accidents happen all of the time. If you have loved ones that rely on you, planning for their future is so important. Call your agent today to discuss options today.