Term Life Insurance Blog

Why Buy Life Insurance For Children?

Are you considering the purchase of life insurance for your child or children?

If so, you may be wondering why people choose to buy child life insurance coverage.

There are several common reasons for buying child life insurance, including:

1. To help pay for funeral and burial costs.

2. To build cash value.

3. To guarantee your child life insurance coverage as an adult.

4. To lock-in low rates guaranteed for the life of your child.

In addition, some child life insurance policies allow your child to add additional coverage when reaching the age of 18 or 21.

And, you can start your child's life insurance policy for as little as just $1.

Continue reading "Why Buy Life Insurance For Children?"

If I Die Who Gets My Life Insurance?

If you are the insured person on your own life insurance policy, the death benefit from your life insurance will be paid to your beneficiary or beneficiaries that you had designated on your policy.

Make sure you let the beneficiary know that you have life insurance, where the policy is located, and how to make a claim upon your death.

If you are the owner of the life insurance policy, with the insured person being someone other than you, the life insurance policy death benefit would go to whoever you had set up as the contingent owner, if you would pass away. If there is no contingent owner, the insured person might become the owner of the life insurance policy.

Learn about beneficiaries of life insurance policies.

What is Descending Term Life Insurance?

Descending term life insurance is a type of life insurance that provides coverage for a specific period of time.

It's temporary, not lifetime coverage.

You choose a term when you apply for the life insurance coverage. The "term" is the period of time the coverage will last.

Descending term life insurance is also known as declining or decreasing term life insurance where the amount of life insurance provided by your policy diminishes by a creation amount each year you are insured until there is no more life insurance.

Some people choose this type of life insurance to provide protection for debts or loans that decline over time, such as, a home loan or car loan.

Here's how you can learn more about descending term life insurance and how it works.

Life Insurance Policy Exclusions

What are policy exclusions for life insurance?

Life insurance policy exclusions identify what causes of death are not covered by a life insurance policy.

Some common policy exclusions for life insurance ate aviation, war, and suicide.

Continue reading "Life Insurance Policy Exclusions"

Can You Withdraw Money From A Term Life Insurance Policy?

No, term life insurance does not have any cash value to withdraw from the life insurance policy.

However, some term life insurance policies offer living benefits which will allow you to get part of the death benefit while still alive if you have a serious illness, such as, a terminal health condition.

Learn more about term life insurance and how it works.