Life insurance helps ensure your loved ones are taken care of, in the event of your passing. It can cover mortgage payments, income replacement, education funding, final expenses, and more.
A whole life insurance policy is paid continuously, while a term life insurance policy is paid for a specific period of time.
No. Many insurance companies will offer a cooling-off period that allows you to cancel the insurance policy, but this comes immediately after the inception date: usually 10 – 14 days. However, if you decide that you no longer want a life insurance policy after this period, you will usually lose any premiums that you have paid to that date.
You can name your chosen beneficiary in the policy. Further, you can name more than one person and specify the percentage share that each beneficiary will be given.
Details of the state of your health will be required by the insurance company in order for them to provide a quote. In the event that you have a significant health concern, some insurers may be disinclined to give you a quote.
There may also be some other reasons why an insurer wouldn’t consider you, though this can be discussed with a broker.
This depends on what you want to achieve after your death. If you want to be able to leave your loved ones some money without them needing to worry about your debts, then a life insurance policy can be beneficial.