Life Insurance

Life Insurance

When it comes to Life Insurance, there are two main options to choose from: Whole Life and Term Insurance.

What is Whole Life Insurance?

Whole life insurance will remain in force for the duration of someone’s life as long as they continue to pay the premiums. It has higher level premiums but it comes with added benefits such as building cash value and living benefits. Generally speaking, people should be looking for a permanent policy at some level any time after the age of 50, if they haven’t already. Policy solicitations comes in a variety of ways, beware of mail solicitations as often times they carry a two year waiting period.

What is Term Life Insurance?

Term Life Insurance has an expiration date and does not accumulate cash value. Much like your milk and your eggs, eventually it will expire. If you have a policy and you have experienced a rate increase, that is a sign that you have term coverage. The need for term insurance can vary. Term life is often purchased to protect families and kids from the unexpected, the financial loss of income from a breadwinner. Think mortgage obligations, college tuition, bills, debts, and costs of living. Those are common needs for Term Insurance. This protection will pay the death benefit in the event of an untimely passing.

If you have an expiring term policy or unsure of what you have, best practice would be to have a Licensed professional review it for you. In many cases most are unsure of what they have and a benefits review can add some piece of mind.

Life Insurance Mistakes

We see mistakes all the time when it comes to Life insurance, many people get some sort of coverage and never look at it again until a problem surfaces. Our advice is to have it reviewed if you have any questions.  Use the table below to check if you may have made a mistake when it comes to your life insurance coverage.

Some warning signs that you may need a review:

You’ve received a price increase

Price increases are an indication of Term Insurance

You got your policy from a TV (Alex Trebec) or

mail solicitation (Colonial Penn)

These policies have a 2 year waiting period, next day options are available. There are usually cheaper options.

You have a Chronic Condition

Most conditions can be covered with a next day (no waiting period) Policy including COPD and Diabetes

You don’t have any life insurance

The earlier you get a Whole Policy, the lower the rates, and the rates are fixed for Life.

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