Life insurance contracts are often long and full of fine print. This fine print is there not only to protect the life insurance company, but also the policyholder and the beneficiary. Depending on the type of life insurance policy, there may be many different clauses and pages of fine print to read. However, it’s extremely important to understand the clauses that might appear in your life insurance policy. That way, you and your beneficiaries can be prepared when the time comes to renew, or use, your life insurance policy.
The following are the most common clauses that make up the “fine print” in a life insurance contract.
Just as no two people are alike, life insurance has no one-size-fits-all formula for the amount of coverage one should have. The type of life insurance and amount of coverage you should choose are based on such factors as your income, number of dependents, any existing coverage that you may have, and future anticipated expenses that your family may incur, such as college tuition or home mortgage amount. It’s therefore important to carefully select a life insurance policy and coverage amount to help ensure that you have adequate coverage should something happen to you.
Here are some considerations for choosing your coverage:
A lifetime of protection: Certainly that’s the goal for folks deciding to buy whole life insurance. With this type of insurance, you are guaranteed coverage from the day you buy the policy until the end of your life, as long as the premiums are paid.
Three great reasons to get whole life insurance for your child.
Our kids grow up fast, don’t they? They morph from babies to toddlers in the blink of an eye. A few years more and they’re out the door before we can catch them!
Protecting our little ones is an instinctive urge. Not only do we want to provide a safe and loving environment for them, we want to safeguard them financially. One great way to jump-start your child’s financial security is with a Gerber Life Insurance Grow-Up® Plan1.
As a parent or grandparent, you know the importance of preparing for your family’s financial future. You know that it’s equally important to take steps to ensure that your family is financially protected, even if you were no longer around. You may know that you need life insurance, but with so many options to choose from, it can be challenging to decide which kind is right for you.