Benefits of Life Insurance Coverage
The most fundamental type of policy is known as Term Insurance. It is good for a particular period or "term" of time from one year, ten or up to 30 years. Term insurance guarantees that your coverage amount remains level for the lifetime of the covered individuals. To determine the amount of coverage you should purchase, you can get a Term Insurance Quote Online.
Yet another advantage of carrying a policy is that additional coverage is available to help insure your changing life style needs. You can purchase riders to add to your existing term policy. A few of the typical rider's available include:
Waiver of Premium
In the event that the insured becomes disabled, this rider will pay the premiums on your policy for the duration of its term. The definition of “totally disabled” may vary from one insurer to another, making it important to be aware of the terms and conditions of this rider.
Accelerated Death Benefit
This rider is included in most policies at no additional cost. It provides that a portion of the death benefit becomes available to help with expenses, should the insured be diagnosed with a terminal disease which causes their life span to shorten considerably. Also, the definition for “terminal illness” may vary depending on the insurer, so make sure you are familiar with the terms and conditions.
No one wants to think about the death of a child. However, in addition to relieving the financial burden to the family, this rider also typically provides a guaranteed conversion option to a permanent policy, multiplying it up to five times the original face amount. This essentially guarantees parents the ability to purchase lifetime coverage for that child without requiring a medical exam.
- Pay off funeral costs
- Pay for medical bills
- Final estate settlement costs
- Pay Taxes
- Pay off Legal fees
- Outstanding debts
- Provide for food and clothing
- Pay utilities
- Pay ongoing living expenses
- Pay for children's college tuition
- Establish a retirement fund for spouse
- Business sustainability