What happens when your life insurance lapses?
People typically buy life insurance to give their family a financial safety net if the unexpected happens. That’s why it’s important to keep up with your life insurance premiums, or payments, so the policy is there when your loved ones need it. If you don’t make regular payments, you run the risk of lapsing your […]
Primary vs. contingent beneficiaries
There’s a reason the term “beneficiary” sounds so much like “benefit.” In the simplest terms, your beneficiary is the person or entity that will benefit from your life insurance policy. After all, life insurance is something you ultimately buy for others, not yourself. Your beneficiaries receive the money so they can cover financial needs, from […]
Naming multiple life insurance beneficiaries
Life insurance is there to protect your nearest and dearest financially. But what if that includes multiple people? Life insurance supports your loved ones by helping them pay regular expenses, cover debts, and save for the future. That’s why choosing the right beneficiary (or beneficiaries) is key. Here’s how you can make sure that funds […]
Reasons why a claim is denied
Worried that your life insurance policy won’t pay out when your family needs it most? First, take a deep breath. It’s rare for life insurance claim denials to happen. If you bought your life insurance from a reputable company and are keeping up with payments, there’s rarely a need to worry. That said, there are […]
Is there a life insurance race gap?
Over the last year, Black communities across America have been hit especially hard by the health and financial effects of the pandemic. At the same time, protests are growing over violence to the Black community. These issues are shining a spotlight on racial justice in America, and financial security is a big part of that […]
Understanding life insurance exclusions and clauses
You’re committed to providing for your family. Life insurance policies are designed to offer that financial peace of mind, protecting your interests while making it clear what the company’s obligations are. Life insurance is a legal contract between you and your insurer. You make regular payments, and they agree to pay a certain amount to […]
How to find a lost life insurance policy
Keys. Wallet. Term life plan? Since people often hold insurance for decades at a time, missing policies aren’t uncommon. Case in point: the National Association of Insurance Commissioners (NAIC) has helped people claim over $650 million in missing life insurance money since 2016 alone. If a relative has died but you can’t locate their plan, […]
How to read your life insurance policy
Term life or permanent life? Riders or no? There are many ways to customize your life insurance coverage to protect your family when they need it. That’s why it’s important to learn how to decipher your policy, so you can feel confident that you’re covered. Daunted by that thick stack of paperwork? Don’t be – […]
Help! Why did my life insurance increase?
Did your latest insurance bill come as an unwelcome surprise? Life insurance is less expensive than most people think, but you still don’t want to pay more than you have to. It’s all about protecting your family, and that should start with getting the best rate you can. While it’s uncommon for your rate to […]
What happens if your life insurance company goes out of business?
You’re buying life insurance to protect your loved ones for years to come, so it’s important to make sure your policy will actually be around when you need it. During tough financial times, this question may be on more people’s minds: What happens if your life insurance company goes bankrupt? The good news is that […]