Life insurance protects your loved ones in the event of an unexpected disability, diagnosis, or death. It can provide financial protection if you’re unable to work, and it can safeguard your family’s financial future against a sudden downfall.
When you first start shopping for life insurance, you’ll realize there are countless options available. We’re covering how life insurance works and which policy could best fit your needs.
When you fill out an application for life insurance, it will be reviewed by the insurance company to determine your eligibility. The insurance company will determine if you are approved for coverage based on your age and health (as well as a few other notes from your application). Most applications are approved very quickly if you don’t need to undergo a medical exam.
Once your policy is approved, you will begin to pay the premium on a monthly, quarterly, or annual basis to keep your policy in force. You will also designate a beneficiary who will receive the death benefit if you pass away during the coverage period you selected in your application. As long as you pay your premiums on time, your policy remains in force and you can have peace of mind knowing your loved ones are financially protected.
In general, life insurance is very affordable, and you can find a policy for almost any budget. Younger, healthier individuals usually secure a lower premium, so it’s important to apply for life insurance sooner rather than later.
Your life insurance premium depends on several different factors, including:
You will usually begin the application process by requesting a quote online for life insurance. Once you start the application with an agent or online, you might have to provide a family medical history, a list of medications you are currently taking, or medical records.
Many carriers do not require a medical exam, but if you need one, the application process could take more time. In this case, your insurance carrier will need to review your medical exam and then examine the risk involved with approving your coverage.
There are many different types of life insurance. Depending on your financial goals, your lifestyle, and your health, there is a policy fit for you. Below are a few of the most popular types of life insurance.
Did you know that you have the option to customize your life insurance policy with add-ons called riders? Life insurance riders can help you prepare for unexpected events that may arise while you are alive – these are called living benefit riders. Learn more about living benefit riders here .
Return of premium rider is another popular option that reimburses you for all the premiums that you paid into your policy if you live past the term of the coverage.
If you are ready to enjoy all the benefits life insurance has to offer, get started today by requesting a quote for more information.
Our agents offer in-home appointments and video conference appointments to help you get a policy in place in a few simple steps. Your Symmetry agent can walk you through the entire process and help you get the best-fitting coverage for your needs and budget, all from the comfort of your home!