Life Insurance

An Overview of Life Insurance

Most people do not think about life insurance unless they have a family or start to get up in age. But when you are young and single is the perfect time to get life insurance. It costs less the younger and healthier you are. Plus, you can have a life-ending illness or tragic death at any age. No matter what age you are someone has to pay for your burial. It is best to plan ahead so your family can avoid an added financial burden on top of their grief.

You might not want to think about your death, but it is something you cannot avoid. You need insurance to replace your income for your family in case you pass away unexpectedly. A good idea is to purchase enough insurance to replace your income until your minor children are adults.

The Application Process

Term insurance is the most common type of life insurance. It is inexpensive and generally affordable for just about anyone. As long as your premiums are paid, then you have coverage. If you die within the covered period of the policy, then your beneficiary receives a death benefit. The policy expires when you stop paying premiums or the period ends.

When you apply, you must complete a form about your health and lifestyle. The insurance company will want to know your age, gender, weight, whether or not you smoke, and more. If they think you are high-risk, then they can refuse to give you life insurance or charge you a higher premium.

Speak with an insurance agent for more information on life insurance.