Life Insurance Quote
Life Insurance Quote – Life insurance is a type of insurance product that protects a policy holder from accidental death for a particular term (term life insurance) or for a lifetime (permanent life insurance). If the policy holder dies within his life insurance term, his beneficiary receives the benefits of his plan.
But life insurance is more than just a safety net for the policy holder and his beneficiary, this insurance product could be a smart financial plan if it has the following life insurance quotes features.
Basic features – Life Insurance Quote
- Death benefits – this is the most common feature of a life insurance plan. As mentioned, when the plan holder dies while the policy is still in effect, his beneficiary receives financial support.
- Equivalent cash value – another common feature of a Life Insurance Quote is that the insurance cash value grows as the plan holder pays premium payments and as his interest or dividends are considered. Parts of the cash value equivalent of a life insurance plan may be accessed through loans or by surrendering the policy or parts of the policy. Cash value equivalents could be used to pay for important things such as child’s college tuition, payment for a new house, starting a new business and to fund retirement plans.
Added features – Life Insurance Quote
- Dividend options – not all brands of life insurance have dividend options but those that do allow the policy holder to use his policy dividends to improve their insurance plan. They may choose to improve their policy values to pay for premiums and earn more interest or they may choose to receive their dividends through cash.
- Conversion to a better life insurance product – another advantage of some life insurance policies is the ability to convert term to permanent life. This is convenient since you do not have to reapply or to undergo the process of proving your insurability for the second time.
- Purchase benefits – some life insurance plans provides an option for plan holder to add a feature for additional purchase benefits to their policy and this means that the plan holder intends to purchase more insurance in specified intervals. This goes even when you are diagnosed with a chronic illness or condition.
- Protection benefits – simply put, your insurance premiums are protected and if the cost of things such as hospitalization, medications, burial services and so on increase, your death benefit will increase as well.
- More options for missed payments – additional features also extend to the payment options that plan holders can use in case of missed payments. These payment methods will protect the plan holder against forfeiture of the policy. These payment options include: automatic premium loans where payments are automatically borrowed against the cash value of the insurance policy to pay for any overdue payments, extension of term insurance to enforce the full death benefit for a limited period of time and cash surrender options wherein the policy holder may choose to receive the cash value of the policy through surrendering the policy. Outstanding balances and interests will be deducted from the cash value of the policy.