Policies that are Arizona whole life, final expense life insurance policies and accidental death policies are considered to be life insurance by most people. These are policies that pay out upon death, which is essentially what life insurance is. A life insurance policy covers against death.
A way to protect your family is to have an Arizona life insurance policy for you and your spouse. Whomever you named as a beneficiary is typically going to get a lump sum in the amount you agreed in your life insurance policy that can be anywhere from $5,000 or $10,000, up to millions of dollars depending upon what your needs are and more to the point, what the needs are of your beneficiary.
There are quite a few options and choices for life insurance policies. The good news is you do not need to be the expert but your life insurance agent does need to be the expert to get you the best coverage for the best price.
When picking an agent makes sure it’s someone that’s been doing it a while, someone that has access to a lot of companies and options out there so that you get the best price and coverage possible.
You want to make sure your agent does not put you into what’s called a graded life insurance policy. You want to be put in put in a standard or preferred or even higher health rating than that, which gets you a better price and gets you coverage that starts right away.
Now, if you go with a term life insurance policy, it’s going to expire at some point. And typically it’s going to be 10 to 30 years, for the term length.
You can review these policies and you can continue them for either a one year or five-year increment.
If it’s a 30 year term and you are 40 years young, at 70 the term insurance expires. However, you can renew it for another five years, 10 years or more depending on your health.
That type of policy oftentimes will give you the option to go a little bit longer but at a higher cost. Understand that it has an expiration date based on price. It’s going to lock in a price, typically the same price but not always. There are policies that get more complicated. There are descending policies. There are ascending policies and there are level policies.
Typically, our clients prefer level policies because they do not change for the whole duration of the policy. If it’s a whole life or final expense policy or is based on the companies we write for, if it’s an accident an accidental death benefit, all of those are going to be the same. They’re not going to change.
The term policies we write tend to be the same. The whole life policies go until death or until maturity. If you get this type life insurance when you’re very young, it’s possible it’s going to mature before you pass away, in which case you don’t need to pay any more for that policy when it is done.
People that get a whole life insurance policy, it is going to go until they die. Upon death for any reason, the insurance company will send a check to your beneficiary.
Arizona life insurance, is a big topic. If you have specific questions, please click the link below. We will be happy to provide a free consultation.