Life insurance isn't a topic most people like to think about. Yet, if your loved ones depend on you financially, it's a conversation you can't afford to overlook. Acquiring life insurance doesn’t need to be daunting or dull. We've compiled responses to common inquiries about life insurance to empower you to make informed decisions about protecting your family's financial future.
The question of why life insurance is essential has multitude answers. However, the utmost one is ensuring your family's financial stability and peace of mind. If someone relies on your income, their financial security would likely be jeopardized in the event of your demise. That's where life insurance proves indispensable. While there exist various types of life insurance policies, they all share a common objective: providing financial protection to your loved ones upon your passing. Life insurance proceeds can cover daily expenses, mortgage or rent payments, outstanding debts, educational costs, and other essential outlays. Life insurance stands as the most reliable means to guarantee your loved ones' financial well-being in your absence.
Living benefits of a life insurance policy enable you to access your policy's proceeds before your demise. This feature is typically reserved for individuals facing terminal illness or injury. Many individuals utilize living benefits to organize their family's finances or embark on special journeys. Living benefits, also known as accelerated death benefits, are commonly available as a rider or endorsement to your life insurance policy.
Typically, life insurance pays out a lump sum to beneficiaries upon the policyholder's death. To receive the life insurance payout, you must file a claim with us, accompanied by a certified copy of the death certificate. The payout process may differ if there's an installment-payout option or an annuity option available.
