Life insurance is a type of coverage that most people are wise to consider as an important part of financial planning and for the safeguarding of family. It can help in getting through the most difficult of events and times.
Life insurance is mostly intended to extend financial assistance to any named survivors in the event of the policyholder’s death. The payout can be put to use for such things as funeral costs, debt repayment, and, for those still living, proper estate planning and even for financial flexibility with certain loan capabilities available through the policy.
The insured will usually pay a monthly premium and, in return, the insurance provider can compensate for a specified amount when policy protection is put into effect. The money is then provided to the beneficiary or beneficiaries. How the funds are put to use is generally up to the one receiving them. The benefits may also be directed toward a trust, from which funds can then be paid out according to the terms of the trust. Insurance provider responsibilities are normally enumerated in detail in the agreement details.
There are a few different types of policy coverage available. Whole life is a very popular kind of comprehensive life insurance coverage. Policyholders are responsible for paying their premiums, which are determined from health surveys and the level of coverage received. Assuming the policyholder pays his or her premiums, the policy coverage will remain in effect. Another popular option is term insurance. Term, conversely, provides coverage for only a set period of time and at a lower premium. For example, should a policyholder carry a 15-year term policy, he or she will be covered for the 15-year period. However, after that period ends, one must then obtain new coverage. Universal life extends similar coverage as whole life, but there is also the option of investing some of one’s premium. This can result in a significant increase in the benefit amount over time, should the investment strategy see the positive results.
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432 Bell Rd.
Nashville, TN 37217
500 Redland Ct, Suite 106
Owings Mills, MD 21117
2004 Highway 46 S
Dickson, TN 37055
4322 Harding Pike #417
Nashville, TN 37205
15065 Lebanon Rd #206
Old Hickory, TN 37138