Do You Have Individual Life Insurance Ready?

Make important decisions, not complicated ones. Buying life insurance is one of the important ones. Not getting a medical procedure because you don’t have insurance is one of the complicated ones.

Individual Life Insurance is important as it affects not only your present but your future goals as well. If you still don’t have one, or you already do and you’re thinking of replacing it with a new policy, there are some things that you should know about your life insurance rights.

Life insurance is a regulated industry in the state of Kentucky. The information can be found in Title 25, chapter 304 of the state Insurance Code. These rules are made to protect the consumers and to make sure that the life insurance industry operates honestly for the benefit of their consumers.

Purchasing your individual life insurance

Do not be pressured in signing for a policy the moment your agent gives it to you. The state gives you a 10-day period to look over your policy. If you are changing your policy, that period is extended to 20 days. This ensures that you have read and understood everything written down in the document. You can return the policy to your insurance company and get a full refund if you decide that this policy is not for you.

Grace Period

A policy owner has a grace period of 30 days when he/she misses a payment, the individual life insurance is still valid within that time even when the payment is late. If the accident or medical emergency happens in the period when you’re looking over the policy, the insurance company is still required to make a pay-out. These periods are withstanding so that consumers are protected in case of a missed payment or when they’re still making up their minds.

Who needs individual life insurance?

Life insurance is not for everyone. Rule of the thumb states that this policy is for people with dependents, they can be children, spouse, sibling, or an aging parent. Basically, anyone who is financially dependent on you.  It is tailored for working individuals with families to financially protect in case something happens to them. The insurance replaces their value in case the policyholders die.

Some others purchase life insurance upon getting married especially if the insured makes more money than their partner of the insured has financial dependents. If you are buying a home for a 30-year mortgage, this plan is perfect for you as well. If something happens to you before the mortgage is done, your policy has that covered.

London Insurance Agency’s Individual Life Insurance 

There are three types of life insurance – whole life, universal life, and variable universal life. Our agency is here to walk you through all the processes and help you decide which one is best for you. We have your best interest at heart. We are a home of an independent insurance agency and we’ve got some of the best companies for your quotes.

We serve Corbin, London, and the rest of the state of Kentucky. Our agency offers coverages that are tailored to all your needs.

If you want to learn more about these policies, give us a call at 606-528-5151.