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What is Kentucky life insurance?
Kentucky life insurance is sold by insurance agents to provide funds for your dependants in the event of your death.
Who can be named as beneficiaries to my Kentucky life insurance?
Anyone can be named in your Kentucky life insurance policy including relatives, friends and charitable organizations.
What kinds of Kentucky life insurance are available?
The most common types of Kentucky life insurance are term and whole, or permanent.
Term life insurance provides coverage for a specified amount of time, or "term". At the end of a term, the policy may be renewed with the possibility of an increased premium. This is because you will be older each time you renew your policy.
It is important to note that most term life insurance policies to do not build cash value. Additionally, no death benefit will be offered if the insured passes away outside of the agreed upon term. This makes a term life policy a good choice for you if you need coverage for expenses that will diminish in time such as a car or school loan.
Permanent life insurance is another popular form of Kentucky life insurance. It is designed to offer lifelong protection. As long as you continue to pay your premium, your whole life policy will remain in effect.
Whole life policies are characterized by the fact that they often earn cash value. You may borrow against your whole life policy, but if you die before you pay back the loan, your beneficiaries will receive a reduced death benefit.
It is important to note that there are various forms of term and whole life policies. You will want to ask your Kentucky life insurance agent about these forms and as always, be sure to read your policy so you are aware of your benefits.
How much Kentucky life insurance should I buy?
When determining how much Kentucky life insurance you need, you will want to ask yourself:
After determining your needs, you will want to take into account any assets you have already acquired to put toward those needs. Your assets might include cash, retirement funds, Social Security or pension.
Simply subtract these assets from your financial needs and you will have an estimate of how much Kentucky life insurance you should buy.
How will my Kentucky life insurance premium be determined?
When determining your premium, your Kentucky life insurance agent will consider factors like your age, gender, health status, use of tobacco products and any high-risk occupation or hobby such as race-car driving or hang gliding.
What if I still have questions about Kentucky life insurance?
The Kentucky Department of Insurance has a wealth of information on Kentucky
life insurance. For questions or to request a publication, you may contact them
at (800) 595-6053.
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