Are you interested in a full life insurance policy but aren’t sure what it represents? You’re not alone. That’s why we at The Smith Insurance Group Inc. created this guide for Sandy, UT residents. Our team will help you better understand your options and minimize your confusion.
Full or Whole Life Insurance Explained
Whole life insurance will cover you for the rest of your life, not just for a set time. For example, term life insurance usually covers 10-20 years and will expire after that date passes. By contrast, your whole life policy will last the rest of your life and give you a high level of coverage and multiple levels of guarantees.
Their three primary guarantees include a guaranteed rate of return on the cash value, premium payments that don’t increase, and a death benefit that does not decrease. Though costlier than many types of life insurance, it does provide the most comprehensive payment options.
What Full Life Insurance Covers
This insurance policy will cover just about every type of death, including cancer, heart attacks, car accidents, murders, suicides, and much more. Most policies do have a built-in waiting period for suicide, though, as they don’t want someone to abuse the system in this way.
Some policies may also not cover suicide, depending on their wording and their setup. Each death of this type is carefully investigated to ensure that it was not done for monetary gain by the receiving member. If the receiving member contributed to the death, they get no payout.
Handling Your Insurance Needs
Do you want a life insurance policy that makes sense for your needs? If so, please don’t hesitate to contact us at The Smith Insurance Group Inc. right away to learn more. Our team can help Sandy, UT residents find the policy that makes the most sense for their needs and minimize their financial difficulties.