You love your family. You do your best to take care of them, and you should consider life insurance as an important part of helping to ensure their future financial security. Life insurance can help give the peace of mind that your family and loved ones are financially protected even after you’re gone.
A life insurance policy provides a death benefit intended to provide financial support to the beneficiaries chosen by the policyholder. Term life insurance is one of the most popular types of life insurance. In exchange for premiums paid by the policyholder throughout the term of the policy, a term life insurance policy typically pays a determined sum of money to the beneficiaries if the insured dies during the policy term.
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Life insurance is primarily intended to provide financial protection for beneficiaries upon the insured’s passing. There are different levels of coverage provided by life insurance policies.
There typically aren’t restrictions on how a beneficiary can use a death benefit payment. Common uses include:
- Paying off debts
- Covering monthly expenses
- Replacing lost income
- Paying for funeral costs and estate planning
What doesn’t life insurance typically cover? Most life insurance policies do not cover death by suicide within the first few years that the policy is active or in force. Life insurance policies also generally exclude coverage for a death of the insured caused by the insured’s beneficiary. Reviewing the exclusions when choosing a new life insurance policy is an important step.
Life insurance companies may deny claims if the company discovers that the insured committed insurance fraud, either through a misrepresentation of their health status or other information provided in the application.
With a vast network of Acrisure Agency Partners, global resources, industry-leading technology and tools, preferred contractual arrangements, and a culture focused on collaboration and continuous innovation, Acrisure can help you access a personalized insurance solution that is right for you.
Our intelligence-driven approach to helping you find the right insurance solution provides efficient decision-making in key areas, resulting in a faster, yet personalized client experience.
Common Life Insurance Questions
Q. What are the different types of life insurance?
Term Life Insurance
A term life insurance plan is often the most affordable type of life insurance. Term life insurance policy provides coverage for a specific number of years. Beneficiaries will only receive the a death benefit if the insured dies during the term of the policy.
Whole Life Insurance
A whole life insurance is a permanent type of life insurance. Premiums for whole life insurance policies are typically higher than premiums for term life insurance policies., A whole life insurance policy provides coverage for the rest of the insured’s life and often includes interest-eligible savings portion, commonly referred to as the “cash value,” not correlated to the market. Policyholders may have an option to withdraw funds from or borrow against the cash value.
Universal Life Insurance
A universal life insurance plan is also considered permanent but offers flexible premiums. An insured may have the ability to lower or stop paying insurance premiums for a certain amount of time if the cash value of the account can cover the premium costs. Positive cash value savings must be retained, or coverage may be terminated. Universal life insurance policies often include a cash value component that is tied to the market and its fluctuations. Policyholders may have an option to withdraw from or borrow against the cash value.
Q. When should I get life insurance?
While there is no one “right” time to purchase life insurance, it is worth considering purchasing a life insurance policy when a major life event, such as marriage, the birth of a child, or the purchase of a new home, occurs.
Q. What affects your life insurance premiums?Many factors affect life insurance premium rates. These can include age of the insured, lifestyle, gender, use of tobacco products, health status, driving record, and family medical history.