Life insurance protects your family and their financial interests after your death. You protect your family now, so protect their finances in the future! InsureMe can find you the most affordable Virginia life insurance policies available. Ask for your five free quotes now!
Life insurance will reduce the financial impact of your death on your family and friends, something they'll appreciate when you're gone. Consider your Virginia life insurance a last affectionate gesture to protect your loved ones!
Coverage That Pays
A Virginia life insurance policy should cover any debts, funeral costs and estate taxes that will be collected upon your death. However, the largest consideration should be the affect your death will have on the fiscal well-being of your immediate family.
If your domestic partner or dependents, including children, grandchildren or aging parents, rely on your income, they may struggle to maintain a comfortable lifestyle when that income ceases. Talk to your Virginia life insurance agent about the right amount of benefit for your family.
With adequate coverage, Virginia life insurance should provide enough money to continue to pay for:
Who Benefits From Your Policy
Every Virginia life insurance policy carries beneficiaries. Beneficiaries are the people or the financial institutions that receive your life insurance proceeds, according to the Virginia Bureau of Insurance (VBI). When no living beneficiary exists, your policy proceeds will be distributed to your estate.
A word of caution — be careful how you declare your beneficiaries. If you only use the words "spouse," "husband/wife," or "domestic partner," previous partners and/or spouses may be eligible for your benefits. It is best to name your partner specifically.
Another caution — if you name your children or grandchildren, and do not update your life insurance policy, you could leave out new dependents. In this instance, it is best to use broad terminology, allowing full dispersal of your benefits to all your children and/or grandchildren.
Where to Buy Life Insurance
There are two ways to purchase life insurance from a Virginia insurer. As you research life insurance policies, you might examine your job longevity. How long you plan to remain with your employer could help you choose between temporary or long term life insurance.
Group life insurance is temporary Virginia life insurance purchased through your employer or trade association. Your employer or union representative may offer a group insurance plan where you pay a small portion or nothing for coverage. If you do pay, your premiums will be withdrawn regularly from your paychecks, eliminating a good deal of bill-pay hassle. Be aware that these policies are based on your employment, so coverage ends when you resign.
Individual life insurance is more long term coverage. You must buy an individual policy, usually through your home or auto insurance company, and absorb the entire costs of insurance premiums. On the plus side, you choose the plan you like most! If you buy the policy from your Virginia insurance company directly, you may avoid or reduce an agent commission fee, sometimes called a load fee.
Types of Virginia Coverage
Once you are offered life insurance, you have to weigh all your policy options. Term life insurance is temporary, term-based insurance coverage for people 30-years-old or younger. The VBI recommends this type of Virginia life insurance if you are young and healthy. Although the policy is inexpensive, your beneficiaries will receive only a death benefit — no cash savings are paid out. Should you leave your company or forget a premium payment, your policy will be canceled, according to the VBI.
On the other hand, if you have a family and outstanding debt, you might consider permanent life insurance. Virginia permanent life insurance policies provide greater benefits for your loved ones — including cash savings, which build equity while you own the policy, and a death benefit. Some insurance companies may allow you to take a cash value loan against your policy. Your insurer will know what plan will work best with your financial goals.
When You're the Beneficiary
Unfortunately, there may be a time when you'll have to file for benefits from someone else's life insurance policy. To receive your benefits, get several copies of the death certificate from the funeral home, and call your insurance agent as soon as possible.
Your Virginia insurance agent will advise you on how to proceed. Once the claim is submitted, the executor, you if designated, will decide how the funds will be distributed.
Funds are typically distributed in three ways:
Life insurance guarantees that your loved ones will not be burdened financially by the cost of your funeral or other after-death costs. Protect your family's finances by purchasing and updating your life insurance. Furthermore, make sure your beneficiaries know of the policy and have copies. Do not keep the original in a safe deposit box — the box will be sealed upon your death.
You can be proactive by getting personal quotes from InsureMe on the most reasonable Virginia life insurance coverage available. Don't wait! Invest in your family's financial security today!