There are many different forms of insurance that you can buy as an individual, and within these different types are myriad options for the policies themselves. Life insurance is one type of insurance, and it also has myriad options — such as term life insurance, universal life insurance and variable life insurance. Life insurance is a major investment for any individual or family. It takes a lot of thought and organization to even acquire life insurance, let alone the personal organization you will need to maintain your policy and ensure that it is covering you and your loved ones in the way you want it to. What we are getting at here is that life insurance is an involved and important process, one that people and families end up counting on later in life, or even in an emergency scenario. These are not situations where people want their insurance company to turn around and mitigate their…Read More
Buying life insurance is one of those tasks a person may not like to think about but knows it is important to do. It’s not always easy to ponder the end of your life, but the positive side is that you are considering the good of your family. However, your insurance agent may have mentioned that, for the next couple of years, you are in a “contestability period,” and you may not be sure what that means. Insurance companies are businesses, and, like any business, they want to make more money than they pay out. In order to protect themselves from people who try to commit fraud by being less than truthful on their applications, insurance companies institute contestability periods. The problems arise when you are the loser of the contest. Honesty Yields The Best Policy For a period of time after you take out a life insurance policy – usually two years – you…Read More
