Life insurance may be one of the most important coverages you can purchase for the financial future of your loved ones. The rules and regulations for life insurance and annuities vary from state to state. Here are a few things you should know about life insurance:
There are a variety of different life insurance products.
A medical exam may be required during the application process. The insurance company may also inquire about your driving record, current medications, smoking status, occupation, hobbies, and family history.
There is a 30-day grace period on many policies, meaning that policyholders can make up for a missed insurance premium without losing their coverage. The coverage would not lapse during the grace period, which means that if death of the insured were to occur during this period, the company would pay the benefit, minus the owed late premium.
Many insurance companies provide policyholders with a 10-day free look period. During these ten day, the policyholder can cancel the policy if not satisfied or they change their mind.
There are many riders that may be available, including but not limited to Accelerated Death Benefit, Accidental Death and Dismemberment, Long-Term Care, Waiver of Premium, Spousal Insurance, Child Insurance, Return of Premium, Term Conversion, Guaranteed Insurability, etc.
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