The most basic feature of a life insurance policy is the death benefit: the lump-sum payment your beneficiaries would receive if you were to die. It’s the core reason to own life insurance, but not the only one. Some types of life insurance offer riders or other feature that can play an important role in your financial strategy, such as the ability to accumulate cash value, disability, and long-term care.
Term Life Insurance
Term life insurance provides protection for a specific period of time-the “term”- and is designed for temporary circumstances. It makes the most sense when your need for coverage will disappear at some point, such as when your children graduate or your house is paid off.
The most common term policies provide coverage for 20 years, but they can run the gamut from one-year to terms of 30 years or even longer. In most cases, a term policy can be converted to a permanent policy. Term insurance offers the greatest amount of coverage for the lowest initial premium.
Permanent Life Insurance
Permanent insurance offers lifelong protection, and you can accumulate cash value on a tax-deferred basis. This cash value can be used for a variety of purposes, from helping you out of a financial crisis, aid in medical costs, to providing funds to supplement your retirement income.
Permanent insurance falls into four main categories, Whole Life, Variable Life, Universal Life, and Variable Universal Life.
Living Benefits and Riders
Guaranteed Insurability Rider- This rider allows you to purchase additional insurance coverage along with your base policy in the stated period without the need for further medical examination.
Spouse Insurance Rider - Offers term insurance for your spouse for an additional premium.
Waiver of Premium Rider - Under this rider, the future premiums are waived off if the insured becomes permanently disabled or loses his or her income as a result of injury or illness prior to a specified age.
Accelerated Death Benefit Rider - An insured person can use the death benefits under this rider if he or she is diagnosed with a terminal illness that will considerably shorten the insured's lifespan
Long-Term Care Rider - In the event that the insured's bad health compels him or her to stay at a nursing home or receive home care, this rider offers monthly payments
Return of Premium Rider - The main aim of this rider is to give back most of the premium that you put into your policy.
Call us at Wheat State Insurance Group today where we can begin searching for quotes and helping you in every step of the way. Having life insurance can give you peace of mind knowing that you are protected and that your family is protected no matter what may happen.
When purchasing health insurance, it's important to understand that there are many policies to choose from. Government-sponsored policies as well as private health plans are available. Depending on where you work, you may be able to qualify for a group insurance plan. The best way to learn about your options is to speak with an independent insurance agent serving your area.
An agent will assess your needs and determine the most appropriate policy to invest in. If you suffer from a disability, you might qualify for free disability insurance; however, there is a process that has to be followed to apply for disability insurance. An agent can direct you through each step of the process as well as provide you with helpful tips.
Another reason to contact a reputable agent is to talk about any Medicare supplements that you might qualify for. Medicare combined with an additional type of insurance will often provide 100 percent coverage.To learn more about health insurance coverage, contact Wheat State Insurance Group. You can send us a message by filling out the request a quote form above, you can give our office a call (877) 226-8072, or visit us at one of our locations.