Living Benefits
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Many of us think that we only need life insurance if we are married or have children. However, we should realize that insurance does not just cover our family with a loan. The insurance industry uses the term life insurance to describe investment in an asset that provides a guaranteed return. The amount of life insurance you have will determine how your funeral costs will be paid, how any of your debts are settled, and how much you will leave your family after your passing. There are different levels of coverage that are available through an insurance company. Some have as low as one dollar per month. As we all know, there are very few things in the world that could cost that low of an amount.
Other policies have plans that can reach ten thousand dollars per month, or more. Many times the companies that offer this type of insurance are investment companies. These types of programs are known to provide a high return on investment. In some cases, the investment is not in the stock market; it is in insurance.
The investment plan builds upon the amount of coverage that is purchased. As time passes, your premium will increase. You will want to keep this at the forefront of your mind, as the younger you are, the lower your premium will be. Knowing this can help you to get an even lower amount.
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Our agents will look over your overall financial situation and will determine how much insurance you need. The more you need things, the more you’re paying for things. How much you need will depend on the age at which you begin to collect your insurance benefits. If you are very young and healthy, you will not need as much. If you are middle-aged or older and have health issues, you will need more than ever. When you are in your senior years, the amount of your insurance premium may change due to changes in the populations life expectancy.
What you get back in insurance will have a lot to do with what you put in. If you put in a large amount of money, you are more likely to receive more than someone who didn’t put in as much. Life insurance is all about taking care of your loved ones, and if you have a lot of money backing up your policy, they will be able to use that money in many different ways.
Insurance can pay for funeral expenses and even debt. If you have a large amount of insurance coverage for your family, they are covered in the case of your death. There are so many ways that life insurance will help your family, and that is why you should have enough of it. You also do not need to have such a high principal amount that you cannot afford to pay your monthly premiums.
If you want to find out the amount of life insurance you need to have, the best way is to talk to a Plentii agent. They can give you the most current information and break down the amount that is the most appropriate for you —finding the amount of insurance you need to cover your family is essential. You will want to know the amount of money that you have set aside for your funeral costs and for debts that you may incur in the future.
Term Life Insurance: This is a type of insurance where the policyholder receives a death benefit when the policy owner dies. This type is for a specified period of time determined by the policy. The policy's value is equal to the face value of the account at the date of death. The policyholder will receive a payment, known as the surrender charge, from the insurance company if they choose to surrender the policy.
Whole Life Insurance: This is a type of life insurance that provides financial protection to the policy holder's loved ones and survivors. It is designed to last for the duration of the policyholder’s life, and potentially beyond. For example, the policy may cover the policyholder for the remaining lives of their children. In addition, it may pay for the cost of burial expenses and the cost of having the family members named in the will. The policy can also cover debt, estate taxes, and much more. Although the policy itself cannot be altered, it is possible to add or delete additional policy features as desired.
Variable Life Insurance: These are life insurance plans that allow the policyholder to change the premiums and death benefits. They can also change the terms at any time. The policy will remain active until the policyholder pays the premiums and terminates the plan. When the policy expires, the policyholder will not receive any death benefit. The terms and premiums must be reviewed periodically throughout the lifetime of the plan. If there are issues, it is best to address them rather than wait until the end of the plan.
Universal Life Insurance: This type of insurance covers more than one person. Unlike whole life insurance, it does not require a medical exam. Instead, the policyholder determines the amount of coverage based on their age and the cash value of their policy. It is possible to increase the coverage as well, but the additional premium can decrease the actual value of the death benefits. The best thing to do is to periodically review the policy to determine if the death benefit is sufficient.
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Plentii understands that not all life insurance policies are equal. Each insurance company has their own benefits and limitations, so you must find a policy that will fit your needs perfectly while at the same time being within your budget. The more coverage you have, the better off you will be in the event of an accident or worse, death. Contact an agent now!
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