Tomorrow is never promised, and death can happen when you least expect it. Therefore, investing in life insurance is a wise decision. However, many people still undermine or overlook its importance.
The benefits of life insurance
The main purpose of life insurance is to provide you with peace of mind. It guarantees a lump sum amount to be paid to the policyholder’s family in the event of his passing. Included in its coverage are the funeral, debt payments, financial assistance, and asset protection.
When is the right time to get a life insurance?
It is generally believed that life insurance is only for middle-aged adults and the elderly. This is a misconception that can lead to dire consequences in the future. The truth is that everyone, at any age, can apply for life insurance. Here at Walker Insurance, we strongly recommend buying a policy as early as possible. That is because the premium amount increases with age and if the policyholder is a smoker or has a pre-existing medical condition.
What to look for in a term life policy?
It is crucial for a term life policy to be renewable, as it entitles you to continue the coverage beyond the initial rate guarantee without undergoing a medical examination. If you fall ill or become uninsurable toward the termination of your initial premium guarantee period, your family can highly benefit from this feature. Going for a policy with an excellent conversion privilege is also imperative.
Universal life policy—what is it?
This interest-sensitive product is a combination of term insurance rates and cash accumulation. Its main benefit is the flexible premium payments. Premium reduction decreases the cash values available in the future and extends the premium-paying period or reduce the protection period. Similarly, raising the premium also raises the cash values or reduces the premium-paying period.
Walker Insurance offers a range of Life Insurance policies tailored to various needs and preferences. Get in touch with us today to know more about the best option for you.