Is Term Life Insurance for You? Term insurance is the simplest form of life insurance. It provides temporary life insurance protection on a limited budget. Here’s how it works: When a policyholder buys term insurance, he or she buys coverage for a specific period and pays a specific price for that coverage. If the policyholder dies during that time, his or her beneficiaries receive the benefit from the policy. If he or she outlives the term of the policy, it is no longer in effect. The person would have to reapply to receive any future benefit. Unlike permanent insurance, term insurance only pays a death benefit. It does not accumulate a cash value. That’s one of the reasons...
Continue reading...
Life insurance can be confusing. And nowhere is the confusion more apparent than in the discussion of term life vs. whole life insurance. If you watch TV, you’re likely to see a lot of commercials for whole life insurance. But money expert Clark Howard isn’t a fan of whole life insurance. In fact, he says most people — with a few limited exceptions — would be better served by having a term life policy. In this article, we’ll explain what term life vs. whole life is and which one would make more sense for you. Here’s What You Need to Know About Term Life vs. Whole Life Whenever you’re thinking about insurance, you want to ask yourself the question: What’s the...
Continue reading...
Term life insurance is state mandated. Because of this, it is important to understand the differences when owning or purchasing a Nevada term life insurance policy. While every state requires a free-look period to give policy holders time to review the documents, this time period can be different state by state. The payment grace period before a policy can lapse can also be different for each state. In addition, the Nevada Life and Disability Guaranty Association has specific restrictions that affect policy holders. Nevada Free Look Period The free-look policy period is put in place for Nevada term life insurance policies to protect the consumer. This allows consumers time to review...
Continue reading...
Is Term Life Insurance for You? Term insurance is the simplest form of life insurance. It provides temporary life insurance protection on a limited budget. Here’s how it works: When a policyholder buys term insurance, he or she buys coverage for a specific period and pays a specific price for that coverage. If the policyholder dies during that time, his or her beneficiaries receive the benefit from the policy. If he or she outlives the term of the policy, it is no longer in effect. The person would have to reapply to receive any future benefit. Unlike permanent insurance, term insurance only pays a death benefit. It does not accumulate a cash value. That’s one of the reasons...
Continue reading...
Most people are familiar with the basics of life insurance. You pay a premium and your family receives a monetary payout when you die. But there is more than one type of life insurance policy that can protect your family’s financial future. You must decide which type of life insurance is right for your needs. Term life insurance is the most affordable type of life insurance. This makes it popular among young adults who are just starting families of their own. With a term life policy, you select the number of years—the term—in which your policy will be active. You may find monthly premiums to be affordable. But, keep in mind that dependents will receive a payout only if the policyholder dies...
Continue reading...
Is Term Life Insurance for You? Term insurance is the simplest form of life insurance. It provides temporary life insurance protection on a limited budget. Here’s how it works: When a policyholder buys term insurance, he or she buys coverage for a specific period and pays a specific price for that coverage. If the policyholder dies during that time, his or her beneficiaries receive the benefit from the policy. If he or she outlives the term of the policy, it is no longer in effect. The person would have to reapply to receive any future benefit. Fast Fact: Four-in-ten people who purchased life insurance in 2016 purchased term life insurance. Unlike permanent insurance, term...
Continue reading...
3 Types of Term Life Insurance: Which Is Right for You? There may be no greater risk to your family’s financial stability than the risk of your unexpected death. If you have a spouse, children or other dependents, they likely rely on you for financial support. If you were to pass away, they may experience financial hardship. Life insurance can be an effective way to manage this risk. Life insurance is based on a fairly straightforward concept. You pay regular premiums to a life insurance company, and, in return, the company guarantees a lump-sum payment to your beneficiaries upon your death. Your premium amount is based on your death benefit amount, age, health and other factors at the time...
Continue reading...
What is Term Life Insurance? Term life insurance is considered pure insurance protection, and as the original form of insurance, it doesn’t build cash value. The reason for developing this type of insurance was so that people on a limited budget could get thousands of dollars in protection. As a result, a term policy can provide people with the affordable security of knowing their family’s lifestyle and goals will not have to change in the event the insured person dies. Since many people want insurance to replace income upon the death of the breadwinner, they want to have enough insurance to cover the outstanding balance on debts, pay future college tuition for children, and...
Continue reading...
Optional coverage, no health questions Students enrolled in the student health insurance plan are automatically insured for a $10,000 student life insurance benefit. An additional $10,000 of Voluntary student life insurance can be purchased during the fall open enrollment period. All WVU and WVU Tech students are eligible to purchase $10,000 of voluntary student life insurance coverage, even if you do not sign-up for student health insurance. You can enroll without having to answer any health questions or go for a medical exam. Voluntary Life Insurance If you leave your school or your eligibility ends, you will be given an opportunity to continue your coverage or you may convert the term...
Continue reading...
Term vs. Whole Life Insurance Information Term Life Insurance vs Whole Life Insurance: Learn About the Differences Life insurance is an important component of long-term financial planning. While the loss of a loved one is emotionally devastating, life insurance helps ensure that the financial loss doesn't worsen the tragedy. What type of life insurance is best for you, though? For many individuals, the question boils down to choosing term life insurance vs. whole life insurance, or some other type of permanent life insurance. Both term life insurance and whole life insurance pay a death benefit free from federal income tax when the insured person dies while the policy is in effect. Let's...
Continue reading...
