Life insurance is a good option for most people. The importance of life insurance! ,are that the two most prevalent being the fact that the money can go to your family and that it avoids probate. If you pass away unexpectedly and you are the main money earner in the family, your family is suddenly in a lot of trouble. This is where life insurance steps in. Rather than forcing your family into poverty, life insurance payouts can go toward helping your family with burial costs, unpaid bills, and toward maintaining their standard of living. This money can go toward anything, really. You pay your monthly insurance premium so that if the unthinkable does happen, your family is not left high and dry.
Probate is the legal process in which your estate is broken up and divided according to your outstanding debts and your will. Having a will in place is especially important because without a will, the probate process can be very messy. In many cases, probate can go on for as long as two years. That is a long time for your relatives to go without money. If you have a life insurance policy, your benefactor receives the amount agreed upon without it going through probate. Life insurance is a good method of getting your loved ones the money they will need immediately upon your passing away. This money can go toward a funeral and immediate living expenses. Having insurance cannot replace your earning power, but it can help offset the financial loss that will come with your passing away.
However, the thing with life insurance is that, in most cases, you must take it out before you become infirmed. No life insurance company is going to sell you a policy that will come into action too shortly. Insurance companies are not non-profit organizations, they only sell you a policy with the hopes of making money. If they did this, life insurance agencies would never make any money. Most insurance policies will now even require you to have a medical evaluation before they will put the policy into effect. This is done so that they can protect their investment in you. While this seems morbid, it is a necessary thing.
There are some insurance companies that guarantee you a policy no matter what your state of health is, but these usually have a two year (or more) waiting period before they will payout the full amount. Up until then, your beneficiary will only receive the premiums, and in some cases, the interest earned. These policies are generally only for people that fall within a certain age range. If you are too old or too young, you cannot get one of these guaranteed policies.
Learn more about life insurance!
McGrady Insurance Group
310 S Kirkman Rd, Orlando, FL 32819
(407)299-1510
Probate is the legal process in which your estate is broken up and divided according to your outstanding debts and your will. Having a will in place is especially important because without a will, the probate process can be very messy. In many cases, probate can go on for as long as two years. That is a long time for your relatives to go without money. If you have a life insurance policy, your benefactor receives the amount agreed upon without it going through probate. Life insurance is a good method of getting your loved ones the money they will need immediately upon your passing away. This money can go toward a funeral and immediate living expenses. Having insurance cannot replace your earning power, but it can help offset the financial loss that will come with your passing away.
However, the thing with life insurance is that, in most cases, you must take it out before you become infirmed. No life insurance company is going to sell you a policy that will come into action too shortly. Insurance companies are not non-profit organizations, they only sell you a policy with the hopes of making money. If they did this, life insurance agencies would never make any money. Most insurance policies will now even require you to have a medical evaluation before they will put the policy into effect. This is done so that they can protect their investment in you. While this seems morbid, it is a necessary thing.
There are some insurance companies that guarantee you a policy no matter what your state of health is, but these usually have a two year (or more) waiting period before they will payout the full amount. Up until then, your beneficiary will only receive the premiums, and in some cases, the interest earned. These policies are generally only for people that fall within a certain age range. If you are too old or too young, you cannot get one of these guaranteed policies.
Learn more about life insurance!
McGrady Insurance Group
310 S Kirkman Rd, Orlando, FL 32819
(407)299-1510