Sentences with phrase «smaller life insurance policies where»

These are smaller life insurance policies where no medical exam involved (just paperwork) and they take people with higher risks.

Not exact matches

This convertible term insurance can be made of use when the person insured is still at a young age where the insurance could still cater for small expense and premature death but as time comes everyone gets older, this convertible term insurance might not be enough to cater the long term needs of the insured so it is of best interest that the policy holder should convert their policy to a more permanent type of insurance such as Universal Life.

Final expense insurance definition: a small whole life insurance policy ranging from $ 5,000 to $ 25,000 where the primary purpose of the lump sum death benefit payout is to cover burial expenses, such as a grave marker and cemetery plot, and other final expenses, such as any outstanding debts that are not forgivable upon death.

In most cases, it will be to cover a mortgage, a transition between jobs, to cover a small business loan, or for occasions where a full life insurance policy isn't required.

Therefore if you've found yourself in a situation where you simply can not qualify for a traditional term or whole life insurance policy, or you simply wish to purchase a smaller 5 to 20 thousand dollar life insurance policy to coverage ones final expenses such as a burial, you may be more interested in buying what is called final expense or burial insurance.

While I suggest you to consider taking term insurance which comes with very less cost and high coverage, there are other options like endowment policy or whole life insurance policies where you need to pay good amount for small coverage, but you would get money at frequent intervals or at maturity.