How Term Life Insurance Works
When you finally decide to buy that life insurance policy, the carrier will determine the monthly premium amount based on the following. The death benefit amount, your age, overall health, and your gender.
Sometimes depending on the type of policy, you are applying for coverage with. You may need to complete a medical exam.
Also, the insurance company will look into your medications, driving record, tobacco use, occupation, family history, and any dangerous hobbies.
With Term Life Insurance if you die during your term period, the insurance company will pay the death benefit to your beneficiary or beneficiaries.
The death benefit is not taxable as long as you paid the premiums correctly "after-tax".
This money can now be used to pay off debt, your mortgage, credit cards, fund college education, and buy-sell agreement for a business partner.
Just a quick post for you today on the benefits of term life insurance.
Of course please call the office
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