Life insurance offers a tax-free lump sum to replace lost income after the transition. The money from your life insurance policy can be used to pay off expenses such as a mortgage, utility bills, college education, funeral arrangements and more.
Do you need life insurance but don't know where to start? Take a look at our Policygenius review to find out more.
Who is life insurance for?
Choosing a good supplier for your needs is just as essential as choosing the right policy. You could consider life insurance if you are a:
Spouse: Marriage can complicate finances. You will have the peace of mind of knowing that your significant other has a safety net for any future financial plans or shared debt.Parent: if you are paying for asylum or college education, children are expensive. A Policygenius life insurance policy guarantees coverage of future costs. Homeowner: A mortgage is one of the biggest and most enduring debts. A good rule of thumb is to buy a policy that lasts as long as your home loan. It is not unusual for policies to last 30 years. Business owner: smart business owners should have an insurance policy so that the business continues even after it has been transferred. Consider life insurance if you have given up the debt.
Policygenius life insurance products
You have numerous options when it comes to buying life insurance. Policygenius helps you break down the options on their website and their experts can help you guide the right type of policy for your needs.
Long-term life insurance covers a specified number of years before the deadline. In the event of death before the deadline expires, a pre-determined amount (known as death benefit) is paid to the beneficiary. Term life policies are cheaper than other options. Rewards typically cost between $ 30 and $ 40 per month for a 30-year policy for $ 500,000 for healthy people between 20 and 30 years old. Whole life insurance is considered a permanent life insurance policy since it does not expire. It has a death benefit as well as a cash value – a deferred tax savings account included in the policy. The cash value gets interest at a predetermined fixed rate. This additional feature makes whole life insurance more expensive and complex. However, it can cover things like large real estate plans or endowments. Universal life insurance also has a cash value and the premiums go towards the cash value and the death benefit. The premium and death benefit amounts can be changed without acquiring a new policy. You can skip premium payments if you have enough cash in cash, letting accrued interest work for you. Variable life insurance is similar to whole life in that both have a cash value, although the functions differ. Throughout life, cash value is like a savings account, while with variable life insurance it is more like investment. The money paid goes into a series of sub-accounts similar to mutual funds where decent growth can be achieved. Simplified emission life insurance skips the necessary paramedic exam as part of the underwriting process. However, you may need to fill out a health form or answer some questions. Life insurance with guaranteed issuance adopts the idea of life insurance with simplified issuance and does it one step further: not you will answer any questions related to your health. covers the costs of anything associated with your death, including medical costs, cremation or a funeral. Coverage typically ranges from $ 5,000 to $ 25,000.
Life insurance prices
You might ask yourself, "How much life insurance do I need?" You will need to determine both the coverage you need (death benefit) and how many years it should last (the duration). Other factors to consider include:
Your health: are you a smoker? Do you have a family history of diabetes or cancer? You will pay more for a policy if you are tested for certain health-related factors. Your age: a life insurance policy becomes more expensive with age. For coverage of $ 500,000, a 20-year-old will pay $ 28.26 per month. A 50 year old will pay $ 94.57 per month. Your gender: men pay more than women on average. Your hobbies: dangerous hobbies such as bungee jumping or parachuting increase your reward. You may need to pay an additional flat fee of $ 2 or $ 5 for $ 1,000 of coverage.
Here is the breakdown of Policygenius' monthly premiums for $ 500,000 in coverage at different policy lengths:
We also collected quotes for some carriers based on a $ 500,000 30-year life insurance policy for a non-smoker male in their preferred health rating.
Policygenius customer service
Authorized Policygenius experts can provide impartial assistance and advice on how to purchase life insurance. You can contact customer service through:
Support for compensation claims for Policygenius
Policygenius is a market, not an insurance company, so you won't file a complaint through them. You will need to contact the selected courier to start the complaint procedure. Each courier has specific requirements to begin the complaint process.
The beneficiary will receive the death benefit as long as his death is covered by the courier. With life insurance, mortality is covered as long as the policy is active. Insurance providers can reject a claim if they misrepresent while applying. It is important to provide accurate information about you.
Buy today with Policygenius
Policygenius can simplify the comparison between quotes and find the right solution for your needs. It is important to periodically compare your current financial obligations with your policy to ensure that you are adequately covered for the appropriate period.
Make the choice to protect your spouse or family: immediately receive a quote from Policygenius.