Getting the Most Out of Life
Explore the do’s and don’ts on a variety of life insurance topics, including policy options, benefits and coverage.
While it’s not easy to talk about, obtaining life insurance can be a life-changing decision, especially if you are the main source of income.
While it’s not easy to talk about, obtaining life insurance can be a life-changing decision, especially if you are the main source of income.
Term life can be purchased to cover 10, 15, 20, 25 or 30 years. Whenever you pass away, your beneficiary will be paid in one single payment. If you are still living when the term is over, you have the choice of renewing for another term or switching to permanent coverage.
Term life can be purchased to cover 10, 15, 20, 25 or 30 years. Whenever you pass away, your beneficiary will be paid in one single payment. If you are still living when the term is over, you have the choice of renewing for another term or switching to permanent coverage.
As long as you pay your premiums, don’t over loan on the policy, or take other detrimental actions, permanent life insurance covers you for life. While it is more expensive, you accumulate cash value that can be accessed while you’re still alive.
As long as you pay your premiums, don’t over loan on the policy, or take other detrimental actions, permanent life insurance covers you for life. While it is more expensive, you accumulate cash value that can be accessed while you’re still alive.
Over the course of your policy, this value will grow, and it can be available for your use. However, while this is a nice perk to have, don’t abuse it. Remember that any money you decide to take out also comes out of your death benefit.
Over the course of your policy, this value will grow, and it can be available for your use. However, while this is a nice perk to have, don’t abuse it. Remember that any money you decide to take out also comes out of your death benefit.
While switching from a term life policy to a permanent one is possible, you cannot convert a permanent life policy to a term one. If you have concerns about the length and coverage of your policy, you should speak with your local Alfa® agent about which policy is best for you.
While switching from a term life policy to a permanent one is possible, you cannot convert a permanent life policy to a term one. If you have concerns about the length and coverage of your policy, you should speak with your local Alfa® agent about which policy is best for you.
Life insurance premiums are based on the level of risk the insurance company takes by insuring someone. For example, it would cost more to insure an older, frequent tobacco user than someone who is young with no history of tobacco use. Source
To receive life insurance benefits, a beneficiary needs to file a claim with the insurance company. Typically, a death certificate and other signed forms will need to be provided. Once the claim has been reviewed, the insurance company will issue payout through a lump sum or in installments. Source
If the insured dies within the contestability period — usually two years after the policy is issued — the death claim may not be completed until further investigation. Source
The idea that only wealthy people should prepare for death is often associated with a lack of financial readiness. A will can protect your wishes regarding your assets, no matter the value of your estate. Source
Some debts may be resolved after death, but not all of them. Your assets may be liquidated to pay off any remaining debt. A will helps specify which assets are used to pay these debts. Having proper life insurance helps ensure your debts are handled after your death. Source
Learn more about life insurance, or contact an Alfa agent to see how we can help.