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Life Insurance PolicyWhether you’re an adult with a spouse or a single parent, you likely have financial liabilities, such as your family, that must be maintained after you pass. No one expects to pass away until they reach old age, but it happens more often than we care to imagine. Ensuring your family is left with money to manage your affairs and care for their needs is important.

For that, a life insurance policy is ideal. However, choosing a life insurance policy is no simple task. You don’t want the first plan to come along—unless it’s perfect in every way.

Affordability

When looking for a life insurance policy, you’re likely looking at the numbers. You want to know how much you’re paying per year and how much coverage you receive for that money.

You need to discern between term and whole life coverage. A term life policy is likely to be cheaper upfront. A whole life policy, while more expensive, offers more benefits over your entire lifespan.

Payout Type

Many life insurance policies offer an immediate payout option or a waiting period. If there is a waiting period, it’s usually a few years. This is known as simplified-issue life insurance, and it’s best to avoid this type of life insurance altogether.

Instead, opt for face-value insurance, which covers you from day one.

Living Benefits

Today’s life insurance policies change to meet the needs of the consumer. As such, many policies now offer living benefits. For instance, a new policy offers the option to receive payments for a chronic illness or services you require at a care facility (if any). Some companies even offer a window in which you can have your premium paid in full if you no longer want or require coverage.

Find the right life insurance policy for your needs with Health Reform Team. Give us a call at 833-839-2773 to get started!

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