Benefits of Having Life Insurance Coverage

The advantages
There are many benefits to holding an active policy. The benefit of coverage today gives you the peace of mind that your loved ones will be cared for financially in the event for your death. A policy allows you to plan for, and meet many financial obligations that may be passed on to your family if no such plan is in place. These obligations may include payments on your home mortgage, business loan or ensuring your children's college is paid in full. Another advantage of coverage is you can purchase the amount of protection specific to y our financial needs and circumstances. Insurance is simply an affordable way to protect your family's financial future.

The simplest type of policy is known as term insurance. It is good for a particular period or "term" of time ranging normally from 10, 20 or 30 years. Term insurance guarantees that your coverage amount remains level for the lifetime of the covered individuals. To determine the amount of coverage you should purchase, you can use our online insurance coverage calculator to predict your coverage needs. When you know the policy amount you need, you can also use our simple quoting process to get a term insurance quote online. You can also get life insurance plans that last for life; these are known as permanent life plans. These types of policies are guaranteed to provide a death benefit as long as the policy is kept active. IntelliQuote® can provide quotes for both of these types of policies and help you choose the most suitable plan.

Benefits of Life Insurance Policies: Adding Riders For Additional Life Insurance Benefits

Yet another of the benefits of having life insurance is that additional coverage is available to help insure your changing life style needs. You can purchase riders to enhance your term policy. A few of the typical riders available include:

Waiver of Premium

In the event that the insured becomes disabled, this rider will pay the premiums on your policy for the duration of its term. The definition of “totally disabled” may vary from one insurer to another, making it important to be aware of the terms and conditions of this rider.

Accelerated Death Benefit

This rider is included in most policies at no additional cost. It provides that a portion of the death benefit becomes available to help with expenses, should the insured be diagnosed with a terminal disease which causes their life span to shorten considerably. Also, the definition for “terminal illness” may vary depending on the insurer, so make sure you are familiar with the terms and conditions.

Child Protection

No one wants to think about the death of a child. However, in addition to relieving the financial burden to the family, this rider also typically provides a guaranteed conversion option to a permanent policy, multiplying it up to five times the original face amount. This essentially guarantees parents the ability to purchase lifetime coverage for that child without requiring a medical exam.

What Are Some Benefits of Having Life Insurance?
Life insurance benefits for the present: providing for your family’s existing needs

The primary advantage of carrying coverage is to help support current and ongoing expenses. When you buy an insurance policy, you have the opportunity to choose a person, known as the beneficiary, who will receive the benefit payment after the death of the insured. Policy benefits are designated to beneficiaries who can use the proceeds from a policy to pay immediate expenses such as:
  • Pay off funeral costs
  • Pay for medical bills
  • Final estate settlement costs
  • Pay Taxes
  • Pay off Legal fees
  • Outstanding debts
  • Provide for food and clothing
  • Pay utilities
Life insurance benefits for the future: leaving a legacy to help your family’s future

A policy helps secure your family's future. The proceeds of which can help your family with future financial obligation such as:
  • Pay ongoing living expenses
  • Pay for children's college tuition
  • Establish a retirement fund for spouse
  • Business sustainability

Benefits of a Life Insurance Policy: Helping Families In Many Situations

As we listed above life insurance is particularly beneficial for helping your family with a variety of financial costs they may face upon your passing. Many people use life insurance to provide a financial lump sum that will allow their family to maintain their current lifestyle until they are able to get back on their feet financially. One of the major expenses people often like to pay off is their mortgage. This ensures that their loved ones can stay in their family home without worrying about mortgage payments. You can also leave money to replace lost income for a set time so that day-to-day living costs can be covered. Areas you should think about are utility bills, childcare costs, medical expenses, and general living expenses.

Life insurance is also a great option for leaving a legacy to your family. As a partner or parent, we have dreams for our loved ones’ futures. Often times there are financial requirements to help these dreams become a reality. These requirements may include paying for college tuition costs, or providing a boost to retirement. Whether you’ve got a specific expense in mind or would just like to leave a financial lump sum to give your family a boost in the future, life insurance can help make this happen.

One significant benefit of life insurance is to provide for end of life expenses. The death of a loved one is one of the most difficult experiences. The life insurance death benefit can help remove all financial strain of paying for funeral and other end of life expenses.

Finding The Right Plan

Finding the right life insurance plan can feel like an overwhelming process. IntelliQuote is here to make it quick and easy to get the coverage that provides your family with the right benefits. As an online insurance marketplace, we work with only the best rated insurers to ensure that you get a high quality plan. To find the right plan today use our online quote form to get instant access to personalized online quotes. Our licensed insurance agents are also here to advise you on which plan will best fit your needs. We’re here to help!