Reasons to Get Your Life Insurance
Life insurance helps your life’s moments live on. Whether it keeps paying the mortgage, maintaining your current living standard, paying off debt, or educational expenses, the life insurance you choose can be there for your loved ones.
The purpose of life insurance is to ensure that your family gets financial assistance in the event of your death. It can be a potential source of cash to pay the deceased’s debts, replace lost income, and funeral expenses.
Life insurance is also used for several other purposes, such as setting up retirement savings, covering long-term care expenses, and providing funds for serious illnesses.
Types of Coverage Offered
Whether you are looking for term insurance, cash value of permanent insurance, or both, we have options suited for your needs and budget. Before taking a life insurance quote, decide which insurance is right for you.
- Permanent Life Insurance
- Life Insurance Riders
Permanent Life Insurance
With permanent life insurance, your premium payments are set aside for your cash-value account and death benefits, which increase value over time. You may be able to withdraw funds from your cash flow account to cover your expenses, although withdrawal periods and amount restrictions may apply.
Permanent Life Insurance may be a good option for people who don’t want to worry about policy renewals and paying extra for lifelong coverage and cash-value account.
Types of Permanent Life Insurance
- Whole Life Insurance
- Universal Life Insurance
- Variable Universal Life Insurance
- Indexed Universal Life Insurance
Life Insurance Riders
So, what are riders? Do you really need it? If so, then which coverage suits your need? You’ll find all these answers in the description of the life insurance rider below.
Riders are optional; the rest of the policy is subject to additional terms and conditions to help you tailor it to your specific needs. Each add-on rider can increase your premium, but they include advantages on top of normal life insurance coverage. Here are some common life insurance riders:
Guaranteed Insurability Rider
This rider allows you to purchase additional insurance without further health checks for a specified time period. This rider is more useful when there are big changes in your life.
Living Needs Rider
Under this rider, the insured individual can use part of the death advantage if they are suffering a chronic illness that will significantly reduce the lifespan of that insured person.
Accidental Death or Double Indemnity Rider
In the event of death, compensation for death benefits will be paid if your death resulted from a covered accident or injuries caused by accident within 90 days of an event.
Child Term Rider
This rider offers death benefits if the child dies before a specified age. With the child reaching adulthood, the terms can be converted into permanent insurance with coverage up to five times the initial amount without a medical examination.
Waiver of Premium Rider
Future premiums will be waived under this rider if the insured becomes permanently disabled or loses income due to illness for a specified age.
Chronic (or Long-Term Care) Rider
This rider offers monthly payment if the insured person needs to receive home care or nursing care. Although separate LTC policies can be purchased individually, this can be an effective way to pay for care. Also, if LTC benefits are not used, death benefits will still accrue to the beneficiary.
Family Income Benefit Rider
This rider pays extra if the insured dies due to an accident. In general, the additional benefits paid out upon death due to an accident equal the initial sum insured, which doubles the benefits.
Return of Premium Rider
In this rider, you pay a significant amount over a longer time period and receive a full refund at the end of the term. Upon death event, your beneficiaries will receive the paid premium amount.
Want to Know the Right Fit for You?
Getting life insurance is like getting fit for a suit. In addition to overall policy objectives, including your health, work-related risks, finance, BMI, age, finances, and gender.
Let us help you find the best coverage suited for your needs. We will respond to your quote request immediately – providing you with different insurance prices and coverage options.
