Life insurance is a big decision; one you should be well informed about. That’s where we come in. At My Healthcare Direct, we have life insurance agents who want to listen to your story and answer your questions so we can help you find the right life insurance for you. And best of all, our services cost nothing.
Life insurance is a great way to ensure that your family’s needs are taken care of after you are gone, so it’s best to start learning about your options now so you can secure a financially secure future for your loved ones.
When you or your loved one passes away, how will your income be replaced? This is a question many people have to think about as they grow older.
You don’t have to make this decision alone. Contact one of our life insurance agents today so you can finally feel at peace that your family’s future has been taken care of.
A life insurance policy is designed to provide its beneficiaries with a death benefit payment upon the insured’s death. The payment is issued by the insurer, and the death benefit amount is agreed upon by the insured and the insurer at the time of signing the contract. Some insurance policies allow the policyholder to adjust their death benefit amount throughout the course of their policy.
There are several types of coverages that are currently available to the average consumer; term-life, whole life, and universal life. Each type of plan comes with its own set of unique benefits and drawbacks. These are the core differences between each plan:
Not sure which type of life insurance fits your lifestyle best? Speak with a professional. The experts at My Healthcare Direct are ready to help you now. Contact us now to receive a free quote and consultation.
A life insurance policy could provide your family with the financial security they need if you suddenly pass away. A term life policy will provide you with limited coverage for a specific amount of time, wherein if you die, your family will receive a predetermined death benefit payout.
When you sign a term-life insurance contract, you commit to making premium payments for a set period of time in exchange for a death benefit that will be paid to your chosen beneficiaries following your death. The periods offered in term policies vary and can range from as few as 5 years up to 30 years. As long as you pay your premiums throughout the timeframe of your contract, your loved ones will receive the death benefit if you do die.
Though, if you reach the end of your term limit, you will no longer have life insurance. At that point, you can choose to purchase a new term policy or convert it into a more permanent option, such as whole or universal life insurance. The choice is up to you, but an agent can help you make the decision more easily. The best thing to do if your term-life policy is coming to an end is to make a decision at least six months before its expiration date so as to ensure that you don’t have any gaps in coverage.
This insurance isn’t necessary in every case, but it is highly recommended for anyone who is raising dependents or paying off significant debt. For people in the circumstances, a term-life policy can prevent their family from taking on unnecessary financial burdens following the loss of a primary earner in the household.
You can get insured now by speaking to one of the trained insurance professionals at My Healthcare Direct. Contact us now to get started.
Are you worried about how your family will replace your income after you pass away? A whole life insurance policy may be ideal for you. This policy will provide your family with a massive lump-sum payment upon your death, as long as you keep up with your premium payments.
Whole life insurance policies provide coverage for the entire life of the insured individual, making it a permanent form of life insurance. The death benefit doesn’t have to be added to the gross income of the beneficiary, but the policyholder may choose to have the benefit stored in an account and paid out over time. As you pay premiums into the policy, you can also accrue value in the form of a cash savings component. The cash value of your policy can be tapped into via loans that must be paid back over time.
As you pay your premiums, part of the payments you make can be invested in the cash value of your policy. The cash value can also gain dividends and earn interest, allowing your policy to grow even further in value over time. Many policyholders choose to reinvest their interest and dividends to ensure the highest value for their policy.
If you take a loan out from the cash value of your whole life insurance policy, it must be paid back within a reasonable period of time as determined by the terms of your policy contract. If the policyholder passes away before paying it back, the owed amount will be deducted from their death benefit payout. Therefore, it is important to always ensure that you return any money taken out of your policy to ensure the financial stability of your family.
If the initial death benefit you purchase isn’t adequate in the long term, you can also purchase additional benefits to supplement your policy. Some examples include riders that protect your death benefit from being deducted in the event you become critically disabled or terminally ill.
Final expense insurance can provide you additional financial benefits that your family can use to pay for funeral expenses or other death-related costs if you do die unexpectedly.
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These types of policies are a form of whole life insurance policy that offers a rather small death benefit but has the added benefit of being much easier to get approved for. The reason final expense policies offer a smaller death benefit than traditional life insurance policies is because they are primarily intended to provide family members with the funds necessary to bury the deceased. Although, the beneficiaries can use final expense benefits for any purpose they choose.
End of life policies are ideal for retirees who no longer have employer-based life insurance or another form of life coverage. This is because people in this position often have adequate savings and assets as well as fewer dependents and financial obligations. Because they have less financial responsibilities, the premium price of term or whole life insurance may not be worth paying.
As mentioned previously, the death benefit payout associated with final expense insurance is significantly lower than your typical traditional life insurance policy. In fact, the average policy ranges from $2,000 to $50,000. In most cases, this is approximately enough money to afford any funeral related costs, such as burial or cremation. The average funeral ranges from $7,000 to $12,000. Therefore, larger policies will leave a substantial surplus for your family to draw upon.
Sample Rates
For a $10,000 final expense policy
