Most often, people assume that getting a life insurance policy is complicated. But getting a policy that meets all your needs isn’t so difficult. Our agents at The Insurance House in Tucson, AZ, will walk you through the process, ensuring that you are in the know of every detail. Here are a few essentials of life insurance that you need to know.
Life insurance basics
A life insurance policy grants you the peace of mind you need to go through life by giving you protection on the life you are building on and that of your loved ones. Should you pass on, your loved ones are assured of tax-free benefits.
Types of life insurance policy
Term life insurance
This runs within a specified period of time, usually between 1 to 30 years. This can be renewed once the policy lapses. Payments can be arranged to be paid when the funds are required, such as children’s graduations.
Permanent life insurance
- Whole life insurance – This is where you pay a fixed premium where a fixed lump sum is paid upon your demise. The cash value is accumulated during your lifetime.
- Universal life policy – This offers a flexible premium and death benefit. You are in a position to change your monthly premiums should your financial position change over time.
Will my life insurance policy cover income replacement if you become permanently disabled?
In case of permanent disability, you must discuss this with the agents from The Insurance House as not life insurance policies cover permanent disability. For more information on life insurance, please visit our website or talk to The Insurance House agents in Tucson, AZ who will guide you to a policy that best meets your needs.
A life insurance policy does not cover income replacement because of disability as benefits are paid upon the insured’s death. However, it is possible to request the insurance company to add an additional rider to your policy, hinging against disabling medical conditions. An accelerated death benefit rider can also be added, which allows you to use your all or part of all your benefits should you face a chronic illness or become disabled.
Feel free to speak to The Insurance House agents in Tucson, AZ should you require additional riders to your life insurance policy or visit our website for more information.