Adults enjoy greater independence than children and teenagers. Their parents don’t make decisions for them, and they can choose their career path, decide where to live, and create their daily routine.
Adults also have more responsibilities. They must pay their bills and provide for their families. Adults must also consider how to provide for their families after they’re gone. Some create trust funds or savings plans. They may pay off their mortgage and acquire other properties to ensure their loved ones are financially secure. Acquiring a life insurance policy is another way to provide for your family after you pass away. As of 2021, 48 percent of Americans didn’t own life insurance. Those without insurance can use the resource described here to find a suitable policy.
How can you find a life insurance policy?
Statista reports that as of 2021, there were more than 740 life insurance companies in the United States. The thought of reviewing hundreds of insurance policies can be overwhelming, but insurance information sites make it easy to find the insurance products you need.
Use an insurance information site like SelectQuote to get a free quote from Pruco Life Insurance Company. The free quote tool prompts you to enter personal data, such as your gender, date of birth, height, weight, and location. You’ll determine how much coverage you need and answer health questions, such as whether you smoke, have cancer or other medical conditions, or engage in high-risk activities such as bungee jumping. Once you’ve answered all the questions, the site lists suitable insurance policies and their terms, enabling you to find a policy that fits your budget and offers the coverage you need.
You can request comparison quotes from multiple insurance companies, such as Prudential, Pacific Life, AIG, and Mutual of Omaha. You can also use the site to get a quote for a policy for your spouse.
How do these insurance policies work?
Policyholders complete required paperwork and pay monthly policy fees to maintain their policy. The policyholder chooses a beneficiary that receives the death benefits when the policyholder passes away. Beneficiaries can use these benefits to pay for the policyholder’s final expenses, pay off bills, or cover their living expenses.
What types of insurance policies can you consider?
Term life policies are insurance policies that expire. The policyholder determines if they want the policy to be valid for as little as 10 years or opt for a policy valid for up to 30 years. Term life policies are an excellent option for those with pre-existing medical conditions, and they’re affordable.
Permanent life policies don’t expire, which means you don’t have to worry about losing your benefits in the future. Permanent life policies enable policyholders to save funds and increase their policy benefits.
Can you access life insurance funds while you’re still alive?
Insurance policies can provide policyholders with a financial safety net. Policyholders can borrow funds from the cash value of permanent life policies, enabling them to cover emergency expenses. You’ll pay interest on your loan, but you’re under no obligation to repay the funds you borrow.
Insurance policyholders can also sell their policies to their insurance company for its cash value. This is an option if the policyholder needs emergency funds or no longer needs the policy. Alternatively, policyholders can pursue a life settlement or a viatical settlement. Policyholders receive more money from life settlements than they would if they cashed their policy in for its cash value. People buying policies pay the policyholder cash, assign a new beneficiary, and assume responsibility for the premium payments. Policyholders receive the highest purchase price if they qualify for a viatical settlement. These settlements are restricted to people with terminal illnesses.
Insurance information sites provide crucial information about insurance policies. These sites have comparison tools people can use to evaluate life insurance policy options.