What is life insurance?
Life insurance is a contract in which a policyholder pays premiums in exchange for a lump sum death benefit payable to policy beneficiaries. The lump sum benefit is paid when the policyholder either dies or a certain time has passed. Life insurance policies can help provide financial security by replacing lost income and covering expenses.
If you're looking for a life insurance policy, we've got you covered. GEICO Insurance Agency, LLC has teamed up with partners to offer affordable life insurance options to meet your family's needs. Get a life insurance quote online or call us at (888) 532-5433 to get the peace of mind knowing your loved ones will be protected.
What do you need to start a life insurance quote?
- Know how much debt is outstanding on things like mortgages, loans, etc.
- Specific information about medical conditions
- Income level and occupation
- Common medical information you may be asked about includes height, weight, blood pressure and cholesterol levels
How much does life insurance cost?
The cost of life insurance depends on your specific situation. Many factors are considered such as your medical history and your hobbies.
How much life insurance do I need?
Determining how much insurance you need is not as difficult as you might think. By just answering a few questions and doing some simple math, you can quickly assess your life insurance needs and see how affordable a policy can be.
What are the different types of life insurance?
There are different types of life insurance policies, each catering to different needs. The following section illustrates the difference between life insurance, whole life and universal life insurance.
What is Term Life Insurance?
Term life insurance covers a certain period of time and provides financial assistance to the beneficiary. Often this money is used to replace lost income due to the death of the insured. The benefit can help pay bills, future expenses and even funeral expenses. A term life insurance policy may be eligible for a no-doctor exam, which is an option that requires a detailed questionnaire instead of a medical exam.
What is Whole Life Insurance?
If the policy conditions are met, whole life insurance usually covers your life and pays a benefit to the beneficiary after the death of the insured. This policy can help with income replacement, supplemental income and estate planning.
What is Universal Life Insurance?
Universal life insurance usually covers your life. It offers an optional fund to which you can contribute on top of your regular life insurance. The side cash fund can be built up over time. Please note that universal life premiums may vary.
What is the best life insurance policy for me?
Since everyone's situation is different, you have to decide for yourself which product works best for you. In general, however, these groups of people choose:
Term Life Insurance Policy:
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- Main breadwinner
- Stay at home parent
- Homeowners
- Business owners
Whole or Universal Life Insurance Policy
- Provide an inheritance to survivors
- High net worth individuals
- Pay for your own funeral expenses
Do you need more specific information? You can view our life insurance for each life stage item to see what might work best for you.
Why do you need life insurance?
Life insurance helps you plan ahead and provides long-term financial security to your family when they need it most. You may not put a dollar amount on your loved ones, but a life insurance policy can help ensure that their future is protected. Determine how much coverage you need and for how long, and GEICO Insurance Agency, LLC and its partners can provide an affordable life insurance policy that's right for you and your family. Get a life insurance quote online or call us at (888) 532-5433 and get the satisfaction of knowing your loved ones are protected.
What is the purpose of having life insurance?
Life insurance helps you provide long-term financial security for your family when they need it most. There are three types of life insurance: Term life insurance, whole life insurance and universal life insurance.
At what age should you get life insurance?
Life insurance can benefit almost everyone, especially people who have other dependents on them. Learn who will benefit from insurance and how it fits into different stages of life.
What do I need to consider before buying life insurance?
Buying life insurance is an important purchase. Check out these 5 tips to help you choose the right life insurance for you.
How often should I review my life insurance policy?
You should review your life insurance coverage at least once every 5 years or when you experience a major life event.
Life Insurance Buying Guide
Life insurance applications usually require personal and family medical history and information about the beneficiary. You will probably also need to undergo a medical examination. You will need to disclose any existing medical conditions, history of moving violations, DUIs, and any dangerous hobbies such as car racing or skydiving.
Standard forms of identification will also be required before writing a policy, such as your social security card, driver's license or US passport.
Benefits of Life Insurance
There are many benefits of life insurance. Below are some of the key features and protections that life insurance policies offer.
Most people use life insurance to provide money to beneficiaries who would experience financial hardship after the death of the insured. However, for wealthy individuals, the tax advantages of life insurance, including tax-deferred growth of cash value, tax-free dividends and tax-free death benefits, can provide additional strategic opportunities.
