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elderly couple looking at their life insurance policy

What to look for in life insurance policies.

If it’s time to secure life insurance, then you may not know what you are looking for.  While your coverage needs should always take top priority, there are other features that you can benefit from having as well.  Here are some of the features you should look for in your life insurance policy.

  • Immediate Death Benefit Payout

Some companies offer a type of life insurance categorized as “simplified issue.”  Many people are attracted to this kind of life insurance because there are few questions on the application, and a medical examination is not required.  However, these plans will not pay out a full death benefit until after a two-to-three-year waiting period.  Obviously, this will cause financial problems for your loved ones you die immediately after securing the policy.  So, when choosing a policy, avoid simplified issue coverage and look for coverage that will start right away.

  • Automatic Payments

It’s a good idea to secure life insurance from a company that will set up automatic premium payments.  This way, you never risk paying your premiums late or forgetting to make a payment altogether.  When your premiums payments are automatically taken care of, you can maintain coverage and take extra responsibility off your plate.

  • Ability to Convert Your Policy

If you decide on a term life policy, make sure that you have the ability to convert your policy to a permanent one.  This way, you have the ability to secure lifelong life insurance coverage, without having to cancel your existing term life policy and wade through the insurance market all over again.

These are some of the things that you should look for when shopping for life insurance.  Are you looking for assistance with your life insurance needs?  If so, then contact the experts at The Schwab Agency in Colleyville, Texas.  Our dedicated team is eager to assist you with all your coverage needs today.

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