Life insurance is a contract in which a policyholder pays premiums in exchange for a lump-sum death benefit that may be paid to the policyholder's beneficiaries. The lump-sum benefit is paid when the policyholder either passes away or a specific amount of time has passed. Life insurance policies can help provide financial security by replacing lost income and covering expenses.
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There are different kinds of life insurance policies, each meeting different needs. The section below illustrates the difference between term life, whole life, and universal life insurance.
Term life insurance covers a specific time period and provides financial help to the beneficiary. Often this money is used to replace income that's lost due to the death of the insured. The benefit can help pay bills, future expenses, and even burial costs. A term life insurance policy may be eligible for a No-Med Exam, which is an option that asks a detailed questionnaire instead of requiring a medical exam.
If the policy terms are met, then whole life insurance typically covers your lifetime and pays a benefit to the beneficiary upon the death of the insured. This policy may help with income replacement, supplemental income, and estate planning.
Universal life insurance typically covers your lifetime. It offers an optional fund that you can contribute to above and beyond your regular life insurance. The side cash fund can build over time. Please note that universal life premiums can fluctuate.
A life insurance policy provides financial protection for your family in the event of your passing. Your beneficiaries will receive money to use as they see fit, ensuring security in a difficult time.
Many people get a life insurance policy when they experience major life events, for example
You're an important part of your family, right? You contribute to their livelihood and well-being in some way, be it financially through your career or as a stay-at-home parent or a combination of the two.
What would happen if you weren't around to ensure your family's daily needs are being met?
Life insurance can help make sure that in your absence, those financial needs are taken care of long into the future.
And even if your company offers you life insurance through work, it's a good idea to purchase your own independent policy.
Your overall health is looked at closely during the application process, but a standard term life policy will typically cover death by any cause at any time, except for death by suicide within the first two policy years (one year in some states).
Payment options are flexible making it a more affordable option for people on a budget.
How much life insurance you need can be a tough but crucial question to answer. The industry benchmark is 10 times your annual income, but that can vary depending on your personal circumstances. “How would your family make ends meet if your paychecks stopped coming in? Imagine what amount of money would be needed to replace your income each year for the next 20 to 30 years.”
Consider other outstanding large debts such as your mortgage; you’ll want to add that amount to your coverage as well. “It’s a good idea to have enough life insurance to cover any debts, like your home mortgage, and then add a little extra coverage to the policy that leaves your family a nest egg.”
One way that term life insurance makes the whole process easier and less intimidating is how flexible and affordable it is. Term life insurance provides straightforward death benefit protection without any expensive “cash value” or investment component add-ons. “Discuss your general income needs with an agent who will help you calculate the best policy terms and limits within your time frame.”
You may be fit as a fiddle, but you’ll still need your health records for the initial assessment. “Get all the facts about your health history in order because you will be asked about them.” Don’t be discouraged, though; a standard term life policy will typically cover death by any cause at any time, except for death by suicide within the first two policy years (one year in some states).
We are always available to cater to your insurance needs.
Eastman Mutual Insurance Company's financial roots run deep in USA and Canada, where our company began more than 18 years ago. Our business started with the sale of insurance and has expanded to offer wealth solutions and customized health programs to our clients.
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