Whenever a loved one dies, surviving family members will end up with many unexpected expenses. If you are the primary earner for your family, then the loss can be even more devastating. Money from a life insurance policy can go a long way to help stabilize the family finances. If you have others who rely on your income, life insurance should be a priority for you.
Not all life insurance policies are created the same. Life insurance is split into two categories: permanent and term. An agent at The Pentagon Group can help you determine which policy is best for your situation. Term life insurance will give you coverage for a specific period. Permanent insurance gives you coverage for your entire life. Both will pay a death benefit. The money is paid to the beneficiary designated by the owner of the policy. Permanent insurance offers some other features that are different from term life insurance. These policies have a cash value option, which is available to the policyholder if the policy is canceled. The cash value will generally increase over time as premiums are paid.
There are different types of permanent life insurance. Whole life insurance has premiums that remain the same throughout a person's life and is the most basic type of policy. Universal life insurance is more flexible, and premium payments can vary with certain limitations. The accumulated value will earn interest, and these policies are appropriate for people that want the guarantee of a whole life policy but also want to earn some extra interest. Some riders are available for purchase to add benefits not included in the original plan. An agent can help explain your options.
In North Carolina and South Carolina, residents are entitled to a 10-day free look period where they may return the policy. There is also a grace period of 30 days that begins once a missed premium payment happens. During the 30 days, if you pay your premium, then your policy stays intact.
Contact The Pentagon Group to get a quote on life insurance.