Protect Your Family With Life Insurance
One of the most worthwhile things that you can do for your family is to get life insurance. It ensures that your family and beneficiaries will receive money upon your death to take care of funeral costs and other expenses they may be facing. You pay a set premium and this payment keeps the policy active. Your premium each month serves as a contract that the insurance company will pay a certain amount out to your beneficiaries in the event of your death. If you fail to pay your premiums the policy becomes inactive, and no one recieves the payout.
If your family relys on you financially and/or you are the sole provider, life insurance is a sure choice for you. It can also be part of an investment package where you use the insurance to grow capital. This is known as whole life insurance that gains interest until the benefits are paid out.
Buying life insurance can be a complex and confusing process for some. That is why you want to be sure that you are walked through the policy very carefully. Be sure your understand what your are recieving and what your premium will be. Your insurance company will calculate the price based upon information collected from you, including your age, health history, and lifestyle.
If the premiums can fit into your budget, then you will begin paying the premiums to keep your contract and policy active. Upon your death, the company will request proof of your death and they will proceed to pay out the claim. This payment may be made as a lump sum or in installments to your beneficiary(ies).
There are a few different options for life insurance. These include term, whole life, universal life, and variable life. By sitting down and talking to your insurance agent, you will be able to determine which policy is right for your and your needs.