Sentences with phrase «need death benefit coverage»

Alternatively, consider setting up a cash value life insurance policy with a term rider to get the needed death benefit coverage but with the benefits of cash value life insurance.

Not exact matches

If you need a large amount of coverage, simplified issue life insurance isn't ideal for you because most life insurance companies cap the death benefit at $ 100,000 (some companies offer as high as $ 500,000.)

The amount of the death benefit is called coverage, and the amount of coverage you need depends on your financial situation and the amount your beneficiaries need to survive without you.

Make sure the policy you choose has the coverage you need in terms of level premiums, death benefits and cash value when it matures.

A family income policy provides the death benefit in a unique way, but may not provide the full coverage needed with its decreasing value.

If stay - at - home parents have life insurance coverage and pass away, the life insurance death benefit would allow the surviving spouse to take much needed time off work to spend with the children and help pay for services that the stay - at - home parent lovingly provided.

The advantage of convertible term insurance is you can convert all or a portion of your death benefit to permanent coverage without having to prove your insurability, in other words, you don't need to take an exam or answer health questions.

It is a great option for someone young, who needs additional death benefit protection, but does not want to spend the extra amount on more permanent coverage.

For purposes of this post, it just needs to be understood that we can bridge the deficiency of not having enough coverage in our banking policy with a term rider, which can be used to add convertible term life insurance (which results in an increase to the death benefit).

Colonial Penn's term and whole life insurance products don't require a medical exam and have a maximum death benefit of $ 50,000, meaning you'll typically pay higher premiums and won't be able to purchase a greater amount of coverage should your financial needs change.

However, the small amount of money you saved is not worth the under performing permanent coverage you are stuck with, unless your only need for the insurance coverage is the death benefit.

You receive more guaranteed coverage early on when your need is possibly greater and you maintain a proportional death benefit guarantee in later years when your focus likely changes to other priorities, including leaving a legacy.

Given their intent, survivor life insurance policies can have incredibly high death benefits and you won't be limited if you need a fair amount of coverage.

While you can get coverage for this scenario through an additional insured rider, you may need a joint life insurance policy if the maximum death benefit for a rider isn't large enough.

If you need a large amount of coverage, simplified issue life insurance isn't ideal for you because most life insurance companies cap the death benefit at $ 100,000 (some companies offer as high as $ 500,000.)

Universal works just like whole life in that there's a death benefit paid to your beneficiaries and the coverage never ends or needs renewal.

This type of life insurance is cheaper than conventional coverage and may be preferred if the surviving spouse does NOT need the life insurance death benefit proceeds.

Also, you may not need as much death benefit coverage later in life, so you are OK with a decreased death benefit.

We can also show you how the quoting process works, and give more focus on the details such as what type of life insurance policy is right for you, how much death benefit coverage you need for your survivors and their needs, and which of the many available life insurance carriers will be able to serve you best.

You may need to purchase more coverage so that the death benefit includes the extra mortgage payments.

«I often come across people who may prefer the long - term security of a permanent life policy, but they need a bigger death benefit than they can afford,» he said, noting that term life coverage, which offers a bigger benefit for smaller premiums, is generally the better bet in that case.

The coverage you need, such as the term length and the death benefit amount, will depend on your individual financial needs and the costs that your family would need to cover if you were to die.

Long - term care life insurance hybrid policies can be purchased which provide death benefit coverage as well as insurance coverage for long - term care expenses, if needed.

Some people decide to purchase a term policy with a high death benefit, to cover immediate needs, and a smaller permanent policy to provide future coverage and asset growth.

If you still need some coverage and qualify, you may have the option to retain a portion of your death benefit and eliminate your ongoing premium payments.

Someone who is 50 or 55 is a lot less likely to need this type of coverage, as a long duration term would probably be cheaper, but if you are 65 to 75 and need more than 10 years of death benefit, it's a consideration.

Term insurance is the most affordable type of coverage, making it ideal for young families who simply need the death benefit protection at a low cost.

Essentially, you have to decide how much coverage you need for death benefits which can range from $ 100,000 (or lower) to $ 5 million plus.

For those just dipping their toe into the markets for the first time, or even those who need to have more liquidity to spread through their portfolios, term life provides death benefit coverage that does not tie up significant financial resources.

However there are no qualifications needed to be able to get an accidental life insurance policy and if you have exhausted options for getting a traditional policy, or want more coverage than available with a graded death benefit policy, look to get an accidental life insurance policy.

If circumstances change and you no longer need as much coverage, the death benefit amount can be reduced, which will lower premiums.

In addition, with the flexible death benefit, if you start out thinking you need a lot of coverage, but later decide less is more, then you can adjust your policy death benefit down to something more in line with your budget, rather than having to cancel and try and get a new policy.

If you named the lender as the beneficiary, the lender would receive the entire death benefit even though you've paid down the balance and if you did that, the life insurance company wouldn't issue you the amount of coverage needed — they'll typically only issue 80 % of the loan amount.

While life insurance provides a death benefit if the policyholder passes away while the policy is in force, disability insurance provides coverage for ongoing needs if the insured becomes severely ill or injured and can no longer work.

If you need to return home early due to covered reasons, such as death of a close relative or your house being on fire, trip interruption benefit will provide the coverage for additional expenses you may incur to get home earlier.

But unlike term life insurance, you have the unique options to exchange the policy for traditional permanent coverage without another medical exam, or adjust the death benefit if your needs change.

This includes a waiting period and often a decreased payout within the first two years of policy ownership, not having access to enough death benefit if you need a larger policy, and some no exam policies do not provide coverage for those over a certain age.

The amount of the death benefit is called coverage, and the amount of coverage you need depends on your financial situation and the amount your beneficiaries need to survive without you.

Senior citizens don't need a large death benefit, and won't need coverage for the 30 years that's common with younger term life insurance applicants.

It also provides high coverage options; policies can go all the way up to $ 10,000,000, even though most people won't need nearly that high of a death benefit.

The coverage you need, such as the term length and the death benefit amount, will depend on your individual financial needs and the costs that your family would need to cover if you were to die.

Also, with universal life insurance coverage, the death benefit can be adjusted down or up (with evidence of insurability) in order meet the policy holder's needs as well.

So, if a policyholder had purchased a Colony Term universal life 10 policy, and then they decided five years after purchasing it that they wanted to have coverage for the remainder of their lifetime, then the coverage extension feature would have allowed the insured to extend the death benefit protection guarantee to either age 90, age 100, or 105 — and, this could occur without the need for the insured to provide evidence of insurability.

Make sure the policy you choose has the coverage you need in terms of level premiums, death benefits and cash value when it matures.

Instead, it just means that you may need to explore other options for coverage, like Graded Death Benefit Life Insurance (more information on this in a bit).

Consumers appreciate that this coverage can reduce taxes, builds cash value, needs to be medically underwritten only once, provides flexibility, and can offer an accelerated death benefit in times of need.

If you purchase a long - term care hybrid policy and never actually need long - term care, most life insurance companies have set it up so that the money you've paid in for the rider will ultimately be rerouted to your regular life insurance coverage, and your beneficiaries will receive the full death benefit amount.

As a rule of thumb, if a client can no longer get medically underwritten for new insurance coverage but still has a financial need for the death benefit provided by his or her company's plan, then we often advise conversion regardless of price, since it will be unlikely that they can obtain coverage elsewhere,» he adds.

Accidental death benefits, individual policies, are nice to have if you have been declined, if you need coverage right away for flying, if you are fling, or going overseas and you want to make sure you have something in place, or if you just want additional coverage for accidents.

If you are 50 and older and have been thinking about the need for Long Term Care coverage, this rider allows you to access part of the death benefit for long term care needs.