Does Life Insurance Cover Natural Death?

Yes, life insurance coverage is meant to provide a lump sum death benefit payout to the person or persons you select as beneficiaries of your life insurance policy in the event of your death from natural causes, accidents and most diseases.

A natural death or death caused by health-related issues is covered by life insurance plans. In case the policyholder dies due to any type of critical illness or medical condition, the beneficiary(s) of the insurance policy will get the sum assured as the death benefit.

Learn more about life insurance covering natural death.

Life Insurance for Both Spouses?

Do both spouses need life insurance protection?

That depends on your situation; however, if you rely on both spouses for income, or taking care of the household, it may be a good idea to have life insurance on both spouses.

Even if you have a stay-at-home spouse, or a spouse that doesn't earn an income, everything your spouse does for your family would need to be taken care of should that spouse pass away.

And, you would have to pay someone to do those tasks; such as, running errands, grocery shopping, cleaning the house, managing the household, taking the kids to school and sporting events, and the dentist and doctor.

Make sure you take this into consideration if you are married, because more than likely, you should have life insurance on both spouses to provide financial security for the future of your family.

Learn mire about buying life insurance on both spouses.

 

Life Insurance Health Class?

What is a health class for life insurance?

It's a classification that is developed for each applicant for life insurance which is one factor used in determining the rate applied to an applicant's life insurance policy.

Your health is one of the main variables taken into consideration when determining how much you will pay for a life insurance policy.

There are several different health classifications based on your health, family health history, your height-to-weight ratio, use of tobacco, and any medication you may be taking, among other things.

The better your health, the better your health class, and the lower your rate per $1,000 of life insurance coverage.

Learn more about health classifications for life insurance coverage. 

Can You Have 2 Life Insurance Policies?

Yes, you may be able to own 2 or more life insurance policies.

It depends on your need, your budget, and the total amount of life insurance you already own.

Each life insurance company will review your situation and determine if you are over-insured or not.

However, it's more a case of total insurance being the important variable, not the number of life insurance policies you own, when it comes to getting approved for a second policy.

Insurers understand your need for life insurance may increase over time as you take on more financial obligations, and thus the need for another life insurance policy.

Learn more about owning more than one life insurance policy.

 

Life Insurance Yearly Premium Cost?

What is the yearly premium cost for life insurance?

Yearly premium is the price you pay annually for a life insurance policy.

Your annual premium is based on the amount of coverage multiplied by the rate for your policy.

So, if you have a $4 rate and you need $100,000 of life insurance, your annual premium would be $4 X $100 = $400.

You may also have the option of paying premiums monthly, quarterly, or semi-annually.

Learn more about the yearly premium cost of life insurance policies.

 

Life Insurance Becomes Effective When?

A life insurance policy becomes effective when underwriting approves the application, when the insurance company accepts the application, and the first premium is paid for the policy. 

When all those conditions are met the insurance policy is considered "In Force", also known as "In Effect" – meaning you are insured.

Learn more about When a life insurance policy becomes effective. 

How Long Does it Take to Get Life Insurance?

The length of time it takes to get life insurance will depend on the insurance company and the type of life insurance policy you need, in addition to your personal health.

The traditional type of whole life insurance policy requiring a medical exam may take up to 4-6 weeks for you to get insured.

This may vary depending on the medical record requirements based on your health, and how long not takes to receive those records from your Doctor.

There are other types of policies available, including quick-issue term life insurance plans, that offer same-day coverage for healthy applicants between the ages for 20 to 60 years old.

Learn more about How long it takes to get a life insurance policy.