Life Insurance
Life insurance policies agree to pay a designated beneficiary a set amount of money if the policyholder dies.
The most popular type of policy is term insurance. It covers death during a limited term of years. The typical terms are one year, five years, ten years or twenty years. Generally, the policies are renewable. This means that at the end of the term, the insured can renew the policy for another term without medical review. Some carriers may offer a lower rate and require medical review to renew a term policy.
A waiver of premium rider may be purchased. This means that if you become totally disabled, you will not be required to pay the premium for life insurance during the term of the disability. The coverage will continue.
Life insurance policies may be purchased by an individual or by an organization for a group of employees. Group policies are a standard employee benefit. The cost is reasonable and (depending on the number of employees) may be issued without medical evidence or review. A small amount of life insurance coverage may also be added to a group health policy.
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