As in the case of any other brand of insurance, a life policy is a contract between the insurer and the policy owner (policy holder). A benefit is paid to the beneficiary or beneficiaries which are designated by the policy owner. The benefit is paid out when and if an insured event occurs which is covered by the policy; usually death, accidental death, and sickness. Often specific exclusions are included in the policy to limit the liability of the insurer. These tend to include suicide (usually not covered for the first two years of the policy), war, fraud, riot and civil commotion.
Within the life category there are a variety of policies that may suit you. There is: temporary (term) life insurance, accidental death, and permanent life including whole life coverage, universal life coverage, limited-pay life, an endowment policy. Term life covers a specified term of years for a specified premium. Accidental death insurance is often referred to as accidental death and dismemberment insurance. These policies are typically less expensive because they only cover accidents.
Giving your local insurance agent a call is the best way to determine if you need life insurance, or if the life policy you already own is adequate. While you could contact any of the 1-800 agent numbers that are frequently advertised; they won't be able to sit down and talk with you about your life like your local insurance agent will. Depending on the type of policy you already possess or decide to get, your financial well being and the financial well being of those you love may be on the line. This makes your life coverage something important to think about.
By consulting with your local insurance agent you may find they can provide you with multiple policies at a price discount. This saves you money you can invest and further save for yourself or those you care about. After all, life insurance [http://www.insuranceagentlincoln.com/insurance-coverage/life-insurance.html] not only insures your life; it insures the quality of life for those that survive you.
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