When you are buying life insurance, make sure you know what type it is and how the policy is structured. If you have life insurance in force, make sure it is not disguised as term insurance.
Term insurance ends at term. If you outlive the end of term insurance, all the premium you paid for the last 10 or 20 years is gone. It does not build cash value. It does not renew. You must go through the application process again. One of the deciding factors of premium is age. The older you are the higher the premium. If you pass away when your term insurance is no longer in force, you have no insurance to pay for final expenses. Your family will be financially burdened by the high cost of death related expenses.
The final expense programs offer guaranteed premium will never change and will provide funds to your survivors when they need it most as long as premiums are up to date.
Beware of programs that have a decreasing death benefit. While premiums typically remain unchanged, the amount of coverage you leave your loved ones can be drastically reduced. The final expense programs Transamerica and Mutual of Omaha offers have guaranteed death benefit that will never decrease.
Beware of companies that have association fees. They will market guaranteed premium programs disguised with other fees. The life insurance premium rate is guaranteed but the association fees can increase at the company's discretion. The final expense programs offered by Transamerica and Mutual of Omaha have no association fees. Therefore, the rates will never increase.
Does your current life insurance cover you for both accident and illness? If your death is caused by illness and your life insurance is accident only, your family will not collect the death benefit from that policy.
Transamerica and Mutual of Omaha offers insurance policies that cover both accident and illness. There is no waiting period and coverage begins after the first month's premium is collected. Death does not wait until you are ready. Be prepared and be completely covered. The application process is easy and quick. The turn around time for coverage is up to 2 weeks with an average of 5 business days. Life insurance is the 2nd largest purchase in life but is is the most important purchase in life.
Visit my website for additional information. I look forward to getting you financially protected.
Trisha M. Pacenti RN,BSN
www.nurseinsagent.com
