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Why you should have an insurance advisor

What is life insurance?

A life insurance policy is a contract between an individual and an insurance company. The policy promises to pay the beneficiary a sum of money after the insured person dies. Sometimes, if a critical illness is diagnosed, there may be additional payments made as well.

Life insurance is designed to protect your dependents in the event of your death. The financial cover can help pay debts and ensure your loved ones can afford to live without your income.

Life Insurance: Do I Need It?

If you die unexpectedly, life insurance could help your dependents pay bills and maintain their standard of living.

Life insurance can help clear a mortgage or other debts upon your death, as well as provide a lump sum or regular income to help loved ones with day-to-day living expenses.

You'll also have the comfort of knowing that if anything happens to you, your family will be financially secure.

 What types of life insurance are there?

There are two main types of life insurance:

Term life insurance policies

Term life insurance provides coverage for a fixed period of time, such as 5 or 10 years. This type of policy only pays out if you die within the specified period.

Term life insurance policies come in three varieties.

Level payments are the simplest and most affordable type of life insurance. Level-payment policies pay out if you die during the agreed term, but the level of cover will stay the same throughout the fixed period.

Decreasing payments. Your cover will reduce each year, as your debts decrease. This is a good option if you have several debts and a mortgage that decreases each year.

The level of cover will rise over the term of the policy to keep up with inflation.

Whole of life insurance policies

A whole life insurance policy will pay out whenever the policyholder dies. The policyholder must keep up with premium payments throughout the duration of the policy. Whole life policies are often used to help pay for funeral arrangements or inheritance taxes.

Term life insurance policies are cheaper than whole life policies. The more time goes by, the more you pay out. If you live longer than expected, you may pay out more than you paid in.

When choosing insurance benefits for yourself, connect with a qualified insurance advisor. He or she has the experience required to secure the right policy for your specific needs, but the benefits go beyond just that. They are also trained to resolve issues relating to applications, filing claims, and making coverage changes in the future.

The expertise and knowledge that advisors can provide is an invaluable tool for solving problems, saving money and adding peace of mind. Three out of the four top drivers of stress for people are related to finances, which are a huge cause for distraction at work.

3 Essential Benefits of Hiring an Insurance Agent

Save Money

When you choose an insurance agent, you have a better chance of saving money. Insurance advisors use their knowledge and experience to negotiate lower rates for their clients, as well as shop policies annually for better deals.

Insurance made simple

Don't let insurance policies become more complicated than they need to be. To really be on top of your insurance policies, you need to understand the terms, legal clauses, and coverage limits involved.

Think of your insurance advisor as your advocate and lawyer. They handle all of the complex, unsatisfying aspects of insurance on your behalf while providing insight and advice when necessary.

Insurance Advisors Solve Problems

Insurance advisors serve as the link between a policy and its holders. They help clients understand the language of their policies, solve issues regarding deductibles and coverage, and are a necessary source of help when an emergency arises. A trained advisor can read over a personal or business policy with their client, explaining any parts that may be confusing. Business owners have unique needs, and an advisor can customise benefits plans with the features that are most important to the business--whether it has five employees or 500.

 

 

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