Life Insurance Information
Life insurance can provide critical financial assistance after a person’s death. Following the passing of their loved one, family members may need to manage significant costs and complicated financial matters. Amid the difficulties of the mourning process, the resources provided by life insurance can help ensure families do not also need to manage financial stress.
What Are the Different Types of Life Insurance?
Life insurance provides critical financial assistance for beneficiaries following the death of an insured person. These funds may be used to help manage various expenses and losses, including replacing the deceased’s income, paying for funeral expenses and closing out remaining loans. While this is the general purpose of life insurance, policies may vary in their capabilities and limitations. There are many forms of life insurance, but coverage can generally be classified as one of the following:
- Term life insurance provides coverage for a person during a predetermined part of their life. After this time period has passed, the policy will lapse and beneficiaries will no longer receive a payout if an insured’s death occurs. Because of such limitations, term life coverage may have lower premiums and be suitable for those who anticipate their loved ones only needing financial support until a certain date.
- Permanent life insurance can pay out to beneficiaries regardless of when an insured’s death occurs. These policies provide lifelong financial protection for a person’s loved ones and may also include additional financial perks. For example, some permanent life coverage may accrue cash value over time, which can be borrowed against, used to reduce premiums or invested. There are many types of permanent life insurance policies, including the following:
Whole life insurance
Universal life insurance
Variable life insurance
Final expense life insurance
The qualified insurance professionals at Low Rate Insurance of Texas can help interested parties select the right life insurance policy for their needs, circumstances and budget.
Can I Get Life Insurance if I Have a Pre-Existing Condition?
Although people with pre-existing conditions may have fewer options, it’s generally still possible for most to find a plan they are qualified for by shopping around. Pre-existing conditions may keep some aspiring policyholders from being eligible for specific life insurance policies and may also affect a person’s premiums. Such circumstances may depend on a person’s specific condition and what kinds of treatment they are receiving.
Even if a person with a pre-existing condition is denied traditional life insurance, they may still be able to acquire coverage through the following means:
- Group life insurance offered through employee benefits programs may be less likely to consider pre-existing conditions.
- Guaranteed issue life insurance is generally available without the need for medical exams or health questionnaires. These policies may have high premiums and limited payouts if death occurs soon after coverage is first purchased.
Get the Right Coverage
With over 30 years of service, the dedicated agents at Low Rate Insurance of Texas have the knowledge and experience to help you understand, acquire and maintain an ideal life insurance policy. Contact us today to get started.