What Life Insurance Covers
Life insurance is an important financial tool that’s appropriate for almost everyone. Not convinced that you need life insurance? There are many circumstances where having life insurance is beneficial. When you consider term life insurance coverage for yourself, think about the following scenarios.
Term Life Insurance Coverage: Back to Basics
Term life insurance is a specific type of life insurance that covers you for a specific period of time or “term.” The term length you choose in addition to the amount of coverage is completely up to you. If you pass away during the term, your family would receive financial benefit in the amount you specified when you started the policy. This dollar amount is essentially your coverage. Life insurance coverage is commonly used as income replacement to pay off any debts and cover your loved ones living expenses.
Many Americans have significant financial debts, like a home mortgage, car loans, or credit card balances. If you pass away with debt, your family is responsible to pay them off. If your debts are large, this new financial responsibility can be crippling for your grieving family. Term life insurance can be designed to cover these debts if you were to pass away, protecting your family and loved ones from potential financial difficulty.
Medical and Funeral Expenses
Many times massive medical bills await a bereaving family after a loved one passes away from sickness or accident. Your funeral can also be a huge financial burden for your family and can cost nearly $10,000. You can make sure your term life insurance covers these expenses so your family does not have to struggle with your expenses and can focus on grieving and recovering emotionally.
Whether you have children, are married, have aging parents or all of the above, life insurance can ensure they are properly taken care of should something happen to you. If you have children, life insurance can be used to pay for future college tuition or cover current daily living expenses. If you have a spouse who does not work or who relies on dual-income to support your family, life insurance coverage can help your family stay afloat. If you have elderly family members who rely on you, life insurance can provide the money to hire professional in-home care. When considering life insurance, consider these individuals as potential beneficiaries. Making sure your family is protected with life insurance is one of the most responsible decisions you can make.
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Invitations for application for life insurance on FidelityLife.com are made through Efinancial, LLC or through its designated agent, Michael W. Rowell, only where licensed and appointed.License numbers are available upon request and are automatically provided where required by law. Michael Rowell is a licensed life insurance agent in all 50 states, including the District of Columbia, and his resident state of Washington. Michael W. Rowell’s Washington license number is 150354; in California, 0C83033; in Louisiana, 265202; in Minnesota, 20234878; in Utah, 126919; in Massachusetts, 1757436; and in Texas, 1001041. Efinancial, LLC’s California license number (d/b/a Efinancial Term Insurance Services) is 0F37537; in Louisiana, 323680 and in Utah, 104501.
Not all products available in all states. Fidelity Life Association is licensed in all states and the District of Columbia, except for Wyoming and New York. Our NAIC number is 63290.
* Quotes based on a composite of participating carriers which have at least an “A-” rating by A.M. Best. Rates current as of 10/6/2011 for a Guaranteed 10 year term-life policy, issued at each company’s best-published rates. Comparison made for a male, preferred plus, non-tobacco user, ages 35, 40, 45 and female, preferred plus, non-tobacco user, ages 35, 40, 45. Rates and the products available may vary by state. All policies are subject to underwriting approval.
American General Life and Accident Insurance Company, Nashville, TN; Banner Life Insurance Company, Urbana, MD, and William Penn Life Insurance Company, Garden City, NY, both Legal & General America companies; Fidelity Life Association, A Legal Reserve Life Insurance Company, Chicago, IL; Genworth Life and Annuity Insurance Company, Lynchburg, VA and Genworth Life Insurance Company of New York, New York, NY, member companies of Genworth Financial, Inc.; First MetLife Investors Insurance Company, New York, NY, MetLife Investors USA Insurance Company, Irvine, CA and Metropolitan Life Insurance Company, New York, NY, all three members of the MetLife family; Protective Life and Annuity, Birmingham, AL; Pruco Life Insurance Company, Newark, NJ and Pruco Life Insurance Company of New Jersey, Newark, NJ, member companies of Prudential Financial, Inc. Newark, NJ; Reliastar Life Insurance Company, Minneapolis, MN, Reliastar Life Insurance Company of New York, Woodbury, NY and Security Life of Denver Insurance Company, Denver, CO, member of the ING family of companies; Transamerica Financial Life Insurance Company, Harrison, NY, and Transamerica Life Insurance Company, Cedar Rapids, IA, both AEGON companies
Rates and time taken to purchase a policy vary by product.
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