Friday, September 30, 2022

What Does Term Life Insurance Cover?

Term life insurance policies cover the insured person.


The insured is the person named as insured on the life insurance policy.


Your life is insured in a life insurance policy.


If you die while the policy is In Force, the death benefit is paid out to the beneficiary of the insurance policy.


Usually, the insured is the owner of the policy responsible for paying the premiums to the insurer.


However, the owner of the policy may be someone other than the insured.


Learn more about who term life insurance covers.


Monday, September 26, 2022

Final Expense Insurance vs Term Life

How does a final expense life insurance plan compare to term life insurance?


They are different types of insurance policies used for different purposes.


Final expense insurance is a type of small permanent life insurance policy that provides lifetime protection. 


This type of life insurance is used to pay for someone's final expenses, including the cost of their burial and funeral. 


Some of these plans are offered with guaranteed acceptance, which means you cannot be turned down for coverage if you meet the age requirement for approval.


With guaranteed issue final expense policies you will not have to take a medical exam or answer any health questions.


On the other hand, term life insurance is a type of temporary life insurance coverage lasting for a duration (policy term) of either 10, 15, 20, 25, 30, 35 or 40 years.


People usually buy term life insurance to protect their temporary life insurance needs lasting for 30 (or up to 40) years or less. 


For example, a young family may buy term life for the main breadwinner of the family to replace his or her income should that person die unexpectedly.


Term life offers the most life insurance protection at the lowest price.


Learn more about final expense insurance vs term life.

Thursday, September 22, 2022

Level Term Life Insurance Policy Definition

Level term life insurance is a policy that provides temporary life insurance coverage lasting for a duration (Policy Term) of 10, 15, 20, 25, 30, 35 or 40 years.


The premiums never increase and the amount of life insurance provided by the policy never decreases during the life of your term life policy.


If you outlive the policy term, the life insurance coverage ends.


If you pass away during the term of your policy, the death benefit is paid out to the beneficiary of your life insurance.


Level term offers more affordable premiums than permanent life insurance plans.


Learn more about level term life insurance policies.

Sunday, September 18, 2022

Buying Life Insurance for the First Time

Are you buying your first life insurance policy?


If so, you'll want to learn a few things about life insurance before you make that purchase.


First, you'll want to ask yourself, what is my goal for my life insurance policy - what do I want it to accomplish?


Then, you want to consider which type of life insurance policy will help you accomplish your goal, and how much life insurance you'll need.


Of course, you'll want to consider your budget - how much you can afford to spend each month.


Also, you'll want to learn some ways to save money when buying your life insurance policy.


Learn more about buying life insurance for the first time.

Wednesday, September 14, 2022

Guaranteed Life Insurance for Senior Citizens

Can senior citizens get life insurance with guaranteed approval?

 

Yes, in fact, several life insurers offer guaranteed issue life plans for older people.

 

Among the leading providers of guaranteed issue life insurance policies are United of Omaha, AIG, AAA, and MetLife.

 

Seniors between the ages of 45 to 85 may be able to purchase up to $25,000 of life insurance with guaranteed acceptance from United of Omaha, for example. Get a free quote.

 

If you need more life insurance protection, you may be able to buy a policy from more than on life insurance carrier.

 

There's no health examination required and no medical questions asked for guaranteed approval policies.


Learn more about buying guaranteed life insurance for senior citizens.

Saturday, September 10, 2022

What is an ADB Amount in Life insurance?

An accelerated death benefit (ADB) is a benefit that can be added to a life insurance policy that enables the policyholder (Insured Person) to receive cash advances against the death benefit of the policy in the case of being diagnosed with a terminal illness with a short life expectancy.


Many individuals who choose to access the accelerated death benefit from their policy have less than one year to live and use the money for treatments and other costs needed to help them stay alive.


Learn more about ADB benefits in life insurance.

Tuesday, September 6, 2022

What Does Waiver of Premium in Life Insurance Mean?

A waiver of premium rider is an insurance policy clause that waives premium payments in the event the policyholder becomes critically ill, seriously injured, or disabled.


A waiver of premium in life insurance is an action by the insurance company canceling premium payments by an insured who has been disabled for a specified period of time (usually, least 6 months).


The life insurance policy remains "In Force", just as if the insured was still making the premium payments.

 

Friday, September 2, 2022

Incontestable Period for Life Insurance

The incontestability period is the period when the life insurance company can no longer "Contest" the coverage provided by a life insurance policy.


In addition, the Contestability Period is the period where the insurance carrier has the right to deny coverage or void the insurance policy for wrong statements (material misrepresentations) provided by the insured on the application for coverage.


When life insurance is purchased, the contestability period starts the first day the policy begins providing coverage as stated on the Declaration Page of the insurance policy.


Learn more about the Incontestable Period for Life Insurance.