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Life insurance...because life is unpredictable.
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Life Insurance Quick Facts
Simple Info designed to help
you pick the right policy!
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Million Dollar Advice:
If you check the Web for advice, you’ll find tons of information on life insurance. But the best advice can be delivered in two short words: Don’t wait! Waiting is the most costly mistake you can make.
First, those who wait have not only left their loved ones unprotected, but they also run the risk of developing an ailment that could dramatically increase their premiums.
The good news is, by acting now, you can lock in what may be the lowest premium rates you will see in your lifetime, as your rates almost always increase with age. Let us get you multiple quotes from multiple life insurance carriers right now and show you how affordable peace of mind can be. |
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Making Good on a Defaulted Policy: Life after Lapse
The whole concept of buying insurance policies to protect our lives, homes, health and cars is an acknowledgment that unexpected things happen in life. Sometimes an unexpected event may derail your ability to pay your bills in a timely fashion, and among those neglected bills may be your life insurance premium. Depending on how your policy is set up, a lapse in your life insurance will be handled differently. You’ll want to check your policy or speak with your InsureMeOnline.com dedicated agent for details specific to your case. That said, there are some basic principals that apply to every situation.
In general, insurance of any kind needs to be paid up in order to be active. If your car insurance lapses and you have an accident, for example, that accident may not be covered, even if you immediately make good on all overdue premiums. But while we are all likely to have a number of traffic mishaps over the course of our lives, we are each of us only going to die once. For that reason, there is greater accommodation afforded to life insurance policies that lapse for short periods of time. There are certain clauses built into most life insurance policies specifically intended to help policyholders get out of the lapsed-for-non-payment bind.
The best first step is always to call your life insurance company. They will do everything they can help to you, and since they have copies of your policy in hand, they can make sure every “i” is dotted and every “t” is crossed. Most life insurance policies have a grace period of 15 to 30 days for making late payments without any penalty or adverse affect on your policy.
If non-payment stretches beyond the grace period, your life insurance policy will go into default, but that’s still not the end of it. The policy will first enter a period of dormancy where it is no longer active but still available to the policyholder should reactivation be desired. The length of the dormant period varies from policy to policy, so be sure to ask if reactivation or reinstatement is still possible, even if you’ve given up hope. Most life insurance companies place tremendous value on their policyholders and will do everything in their power to make sure that those wishing to continue coverage are able to do so.
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What’s Better for Couples? Two Single Life Insurance Policies or One Joint Policy?
It happens time and again. Couples finally get around to buying life insurance and, after a quick glance through the options, they choose a policy they think will have them covered should the worst occur. But when the worst then occurs, the surviving spouse discovers that the life insurance policy the couple intended to buy is not what the couple bought. Yes, they bought a perfectly good life insurance policy, but it was not designed to provide for a surviving spouse.
Rule number one: Never purchase life insurance in haste.
Rule number two: Married couples should seriously consider two single life insurance policies instead of one joint policy. While this is not the optimal choice for everyone, two life insurance policies certainly serve a married couple very well, and this can help them avoid some of the common mistakes made while purchasing joint life insurance.
For example, the reason so many couples end up in financial hardship is because they purchase the wrong kind of joint life insurance policy. There’s one type of joint life insurance that pays out when one or the other spouse dies, thereby caring for the financial needs of the surviving spouse. However, there is another joint life insurance policy that does not pay out until both parties are deceased. This is how so many married couples get into trouble.
Two single life insurance policies have other advantages over the single joint life insurance policy. There is a lot more flexibility when it comes to the pay-outs. The situation is likely to vary considerably in the case of one spouse’s death vs. the other’s. Having two individual life insurance policies allows the policyholders to truly tailor the pay-outs. according to the anticipated situation in the event of either spouse’s death. Then there is the issue of divorce. People thinking about life insurance are rarely thinking about divorce simultaneously, but it’s always something to consider. Joint life insurance policies can be a big problem in the event of a divorce. With two single life insurance policies, it’s much easier. Each policyholder amends his or her policy as desired and they’re done.
Talk over the pros and cons of these life insurance policy types with your InsureMeOnline.com dedicated agent. He or she will be able to tell you which option is best for you and aid you in making the smartest decision based on your own circumstances.
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