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What You Need in a Life Insurance Policy

Important characteristics of a good life insurance policy.

If you are looking for life insurance, then you may not know what you are looking for.  While your policy should offer a good amount of coverage, this isn’t the only thing you need.  Your policy should also include these important characteristics.

  • Affordability

Before purchasing a life insurance policy, you need to evaluate your current finances and determine how much you can afford to spend on life insurance.  If you are on a tight budget, then a term life policy is probably your best bet.  If you have more disposable income, then you might want to consider a permanent life insurance policy.  However, before choosing a policy at the top of your budget, remember that your financial situation may not remain stable.  Make sure you choose a policy that you can still afford even if you encounter some financial hardship.

  • Immediate Death Benefit Payout

Some companies offer a type of life insurance categorized as “simplified issue.”  Many people are attracted to this kind of life insurance because there are few questions on the application, and a medical examination is not required.  However, these plans will not pay out a full death benefit until after a two-to-three-year waiting period.  Obviously, this will cause financial problems for your loved ones who are depending on life insurance money.  So, when choosing a policy, avoid simplified issue coverage and look for coverage that will start right away.

  • Living Benefits

There are many new life insurance options that give policyholders benefits while they are still living.  For instance, some insurance companies offer policies that allow the policyholder to access a portion of their death benefit to cover treatments for a chronic illness or residence at an assisted living facility.  These types of policies are a great option because you never know what life has in store for you.

These are some of the important things to look for when securing a life insurance policy.  Do you need help securing the right life insurance coverage?  If so, then contact the experts at Scautub Agency, in Scotia, New York.  We are ready to get you the coverage that you need today.

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