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Most people living in the Bellmore understand the importance of life insurance. However, this is something you may not wish to think about today. After all, the subject of death is never pleasant but one must make arrangements to take care of family should this happen. In fact, once you do something about it, you are then free to go on with the business of living and an experienced insurance professional can help you make the right choices. Here is additional information on some of the options you have.
When you insure your life you are taking out an insurance policy which pays in the event of your death. It is that simple. However, many people may not understand that some insurance policies (like whole life insurance) provide benefits to you while you are alive also, and this is worth checking into.
If you are the head of a family or caretaker for someone, you may want to make allowances for these people if you are not there anymore. In addition, it is way to take care of others if you don't have significant assets to pass on to others. Here are some of the people who should consider insuring their lives:
You can take out term, whole life, universal life, and both long and short term disability. Let's look at little closer at each option.
Term insurance is often referred to as "pure insurance". In other words there are no other benefits except death benefits. As a result, this kind of coverage is usually the cheapest option. However, there is no investment potential in this strategy yet it gives some people the chance to buy more insurance for their money. You essentially insure your life for a specific term (amount of time). Many people like this coverage because your premiums stay the same during the entire term of the policy.
Some term life insurance policies are designed to cover a specific loan period or they can be for 10, 20, or 30 years. However, should you decide to renew, you may have to pay much higher premiums due to age or health reasons.
Whole life insurance policy is designed to stay in force for your entire life. As you pay each premium, you receive dividends and over the years the policy accrues value, much like a retirement account. In fact, once your policy reaches a certain value amount, you can borrow against it or even cash in the policy and not pay back the money. You also can use the value to make premium payments. Your coverage can never be cancelled due to poor health.
With most insurance policies, death benefits stay the same while the policy is in force. However, this is not the case with a universal life policy. You also can pay your premiums monthly or you can pay the premium in a lump sum if you like.
Like a whole life policy, your universal life policy will pay you dividends which are not taxable until the time you actually use them. Suppose you wish to raise your insurance coverage at some point in time. With a universal life policy you have this option, but you may need to take a physical exam.
Universal life is more flexible than the other options. For example, maybe your financial situation has changed and you need to cut costs. You can choose to lower your death benefits and pay lower premiums. If the cash value is enough, it can be used as premium payments, and you can always cash out if you like but this will end your coverage.
Some life policies allow terminally ill patients to access their death benefits while still living. This can help to pay for medical bills and other expenses.
This is valuable because it pays when you are disabled and cannot work. The term for disability is set in the policy and it can be long term or short term depending on your needs. For example, you can have disability insurance on your mortgage and it will make the payments when you are disabled.
Whether you choose whole life, universal life, or term life insurance, you will need to determine what your death benefits should be. In order to do this, you should estimate the total earnings you will make before retirement and take assets and liabilities into account. Your insurance agent can do this for you and help you choose premiums to fit your budget and coverage to fill your specific needs.
Not all companies are the same and it matters where you go to buy life insurance. In fact, it's best to go to an independent insurance agent because this person has access to more than one insurance company. For example, at Newbridge Coverage Corporation our insurance experts are there to help you determine your needs and they check with our insurance partners to see which rates are the lowest and which policies will give you the best coverage.
You can choose to take out the lowest cost insurance in Bellmore or maybe you want a long term investment like whole life insurance. Come to Newbridge Coverage Corporation to check out the many options you have. Getting a quote request on your insurance is fast and easy. Just click the link on this page to get started.