Life Insurance
Life insurance is an insurance product that adds an additional layer of security for your family, business, or other loved ones. Through a life insurance plan, you gain access to coverage that guarantees a death benefit payment to your beneficiaries when you die. This money can be used to pay for anything, so it is a great option for replacing your income if you suddenly pass away.
There are often dozens of life insurance plans available in any given area, so understanding your options is very important. Here’s what you need to know to select the right life insurance policy.
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What Is Life Insurance?
Life insurance provides your beneficiaries with a death benefit when you die. The death benefits can range from $10,000 to $1 million, depending on what level of coverage you qualify for and the type of plan you choose.
There are two types of life insurance to choose from, term-life and permanent life.
Term life insurance covers you for a set period of time, while permanent life insurance covers you for your entire lifetime. In exchange for your coverage, you must pay a monthly premium. If you stop paying your premiums, your insurance will lapse and you will lose coverage. If this happens, nobody will receive the death benefit if you die.
Benefits of Life Insurance
Life insurance can help your family replace your income if you suddenly pass away and don’t have savings available. You can also build cash value in permanent life insurance plans, which can be helpful throughout your life. With the cash value portion of your life insurance plan, you can take out loans or make withdrawals. The additional income can be used however you like, but if you take a loan from your life insurance plan, it will be deducted from your death benefit until you pay it back. These loans also accrue interest over time, so it’s important to use them wisely. It’s also important to note that the cash-value component of a permanent life plan grows tax-deferred. That means the interest, dividends, and capital gains on your cash-value won’t be taxed until you withdraw them.
How To Get Life Insurance
If you want to purchase a life insurance plan, you must find a plan that fits your unique needs then apply for it. The application process often involves submitting information about yourself, including your age, gender, and marital status. After the initial application process is completed, you’ll also be required to take a medical exam in most cases. This exam will be used to determine your risk level, which will help the insurer decide how much to charge you for coverage. If your health condition is found to be too risky, the insurer can deny you coverage.
For help finding a life insurance plan that will accept your prior conditions, it’s best to work with an insurance agent. They understand how to navigate the life insurance marketplace. Therefore, they can guide you towards the most appropriate plan for your needs.
Speak To A Life Insurance Agent Today
Life insurance provides peace of mind for you and protects your loved ones. To start the process of enrolling in a plan, you can contact Hamil Legacy. Our team of talented agents will help you select appropriate coverage that fits your lifestyle.
To reach us, call 972-332-8054.