I am 23 years old and started a life insurance policy (just the basic policy, nothing supplemental) through my work about a year ago.
What happens if I get a new job or get laid off...do I lose that life insurance that I have already put money into?
Also, what do the terms mean? For example, if one company is offering a 30 year policy for $20.00/month. What happens after the 30 years is up?
If you lose your job or get fired, you may lose your life insurance benefits.
usually, you have the option to convert your group term life insurance to a whole life insurance policy within a certain time-frame of leaving your job. However, the rates you pay for the new life insurance policy may be much higher.
If you have a 30 year term life insurance policy it provides coverage for 30 years.
As long as you keep paying your premiums on time, you have the coverage.
However, if you outlive the 30 year term, your life insurance coverage expires.
if you pass away during the 30 year term, your beneficiary will receive the proceeds of the life insurance policy, usually free from any federal income taxes.
However, there may be some exclusions that apply to your life insurance policy - read your life insurance contract.
You can request free term life insurance quotes online and compare prices from several highly-rated life insurance companies with no obligation.
In addition, you may ave the option of purchasing term life insurance with no exam required, just a few health questions.
Insurance without any Medical Exam,
Just a Few Health Questions.
No comments:
Post a Comment