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Life Insurance

 Taking Care of Your Loved Ones

Life insurance is insurance that you purchase in order to assist your family financially in the event of your demise. Purchasing life insurance can help provide you with peace of mind that your family will be taken care of if anything happens to you. The death benefit that is paid to your beneficiary can be used to cover final expenses, assist your family in replacing your lost income, and can help to pay monthly bills and other expenses so that your family is not struggling financially in addition to coping with grief.

Types of Life Insurance

There are two main types of life insurance, permanent life insurance and term life insurance. Permanent life insurance is designed and priced for you to carry coverage for an extended period of time. Term life insurance is less expensive initially and is generally designed to be carried for a specified period until a permanent life insurance policy can be purchased. There are many variations of each type of insurance that may cater to the needs of individual policy holders.

Paying and Missing Premiums

For both permanent and term life insurance, monthly or yearly premiums must be paid in order to uphold the terms of the insurance contract. In the event that you miss a premium payment, there is typically a grace period of 30 or 31 days in which you can make your payment with no interest charged. In a term policy, if you fail to make a premium payment by the end of the grace period, the policy will lapse.

In a permanent policy, the company can, with your authorization, draw from a permanent policy’s cash surrender value to keep that policy in force as long as there is sufficient cash surrender value. In some flexible premium policies, premiums may be reduced or skipped as long as sufficient cash values remain in the policy. However, this will result in lower cash values.

Riders Available with Life Insurance

When you purchase a life insurance policy, you will have the option to purchase additional riders. Riders provide additional benefits that may supplement or complement your life insurance policy. Disability riders are commonly purchased with life insurance, as this option permits insurance premiums to be waived for the duration of a disability if needed.

Additional riders that can be purchased include accidental death benefits and accelerated benefits. Accidental death benefits pay an additional benefit in case of death by accidental means. Accelerated benefits allow you to receive the proceeds of your life insurance policy in advance under certain circumstances, such as terminal illness. Availability and specifics of riders may vary by carrier and state.

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