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According to recent research, just 30% of Americans have a sufficient amount of life insurance. If you are one of these individuals, the best way to ensure you have the right coverage is to first educate yourself on what policies are available to you.
The most common types are:
Guaranteed life insurance: The benefit of this life insurance policy — sometimes called a “no questions life insurance policy” — is that you are not required to answer health questions or undergo a medical exam and review. The cons of this policy, however, is that there is typically a two- or three-year waiting period before the policy becomes active. If you die in that waiting period your beneficiary will not receive your full policy payout.
Group life insurance: Group life insurance is fairly common because it is often offered by an employer or other large-scale organization such as a labor union as part of a larger benefits package. In many cases, it is free or at least inexpensive. At the same time, however, the coverage amount is often relatively low.
Term life insurance: This is a non-permanent form of life insurance. It pays benefits to your loved one if you were to pass within the defined term. It is typically inexpensive,
Variable life insurance: This permanent life insurance policy has both a death benefit and a cash value. The death benefit is what to pay to your beneficiary upon your death. The cash value can be used to increase the death benefit, can be withdrawn as cash, or can be used as collateral for a loan.
Whole life insurance: This is the most common type of permanent life insurance policy that people purchase, according to the Insurance Information Institute. It is a life insurance policy that will remain in force for the insured individual’s lifetime as long as the premiums are paid.
Learn more about your life insurance options in Laurel, MD.
If you would like to discuss your different life insurance policies, contact Mid Atlantic Insurance Financial.