In the last few decades, life insurance has become a popular product with middle-class consumers, both by its financial impact and a desire to protect themselves against unexpected events. Most people are familiar with it as an essential component of their healthcare plan, but there is no denying that life insurance can be utilized for a wide range of different scenarios. For example, individuals may decide to purchase a whole life or permanent medical coverage policy to cover multiple scenarios, including those related to illness or disability. Or, they could make use of term life insurance to provide financial support in case of a terminal illness. It’s important to know the differences between life insurance and other types of policies so you’re able to properly understand how it fits into your overall financial picture. After all, you’ll need insurance to help pay for many of these unexpected expenses, so understanding the distinctions can save you a lot of money down the road. If you don’t have life insurance, here’s some information on where to find financial protection and how to buy.
Life insurance should ideally be purchased after a comprehensive checkup has been performed. This ensures that if something goes wrong with any given policy, it doesn’t compromise other policies offered through the same company. Many times, these issues may come up suddenly—the death of a family member, financial hardship, loss of employment or even accidents—and you may not have any life insurance at the time. But before buying life insurance as part of an overall comprehensive plan, you need to do a thorough evaluation of each specific policy on offer to determine which ones best suit your needs. A qualified professional can assess the viability of each individual policy that has been selected, as well as the full range of options available with our group benefits plans. They can also review additional components such as annual premiums, deductibles and out-of-pocket fees. The final decision must be made based entirely on your circumstances, not just the policy name at this point. When selecting a new policy, consider factors such as whether or not you fall within designated categories, the amount and type of coverage and whether or not you want a cash benefit. Once everyone’s needs have been identified and assessed, you will then be able to choose the perfect life insurance solution for you. Here are some things to ask yourself before purchasing life insurance. Will I be insured in the event of my passing? Can I afford it? How long will I live, if I need to? Where could I go for advice? Am I eligible for assistance in filing an application? Who should I contact for guidance? Will I have to seek legal or financial advice? Have I included enough personal details? Are there penalties if I get separated from my current provider? Is the agent trustworthy? Does the insurance adjuster listen to me? Has anything changed since the last quote was taken out? We’ve heard concerns like these before, too—we try to answer these questions before providing quotes and can often give you insight into what to expect. Our customer service team isn’t afraid of getting involved in your day-to-day business life, either. Contact us today to find out everything you need to know about buying and selling life insurance.
If you’d like peace of mind and know you’d receive a payout upon death, then purchasing term life insurance could be the most ideal option. Generally speaking, term life insurance protects you until you pass away, with potential payments in addition to death benefits. Because your beneficiaries are usually named during birth, you will likely be covered as your child grows into adulthood. As long as you’re still alive, you may need to renew the policy when you reach a certain age—usually around 65—before enjoying your remaining coverage. So if you’re thinking of buying term life insurance to supplement your existing policy, you might also consider the possibility of obtaining another form of guaranteed care. These programs typically include financial incentives that could help offset costs or reduce premiums. However, they are not designed to replace a term life insurance offering.
Another way to increase the value of your life insurance policy is through optional add-ons like umbrella and travel insurance. Both umbrella and travel insurance can help alleviate a number of unexpected incidents and can actually keep people out of hospitals. An umbrella coverage provides security in the event of emergencies, an unfortunate loss or theft. While vacation insurance protects travelers while overseas or staying abroad, depending on where it’s purchased, it can also extend to coverage of future trips. Travel insurance would ensure coverage in the event of emergency situations including plane failures, car accidents, etc. Whether you enroll your coverage in a standard group plan or an Individual life coverage policy, your benefits could vary from program to program, and there are plenty of ways to incorporate them all. Typically it’s possible to combine these types of policies into an overall whole, giving you greater flexibility in terms of how you handle daily expenses. But what’s most important is knowing what kind of coverage you need, and having the knowledge to select the best option for your unique needs.