John Ritenour, Insurance Office of America on the Basics of Life Insurance
Life insurance protects your loved ones after you’re gone. It is often called a “last-dollar” or “whole-life” policy because your life insurance company will only pay beneficiaries the death benefits you designate when you die. These are usually your spouse and minor children; your surviving spouse gets an immediate payment. The remaining children get a regular monthly payment on an installment plan.
The life insurance policy owner typically works with the life insurance agent in charge of their policy. This person will help the insured through the policy term, typically 10, 20, or 30 years. An experienced agent will help an insured decide which life insurance policies will work best for their needs. John Ritenour explains that this may not be the case if the insured is in the midst of a life change or a divorce. “You’re in the big life change, and you may not even know that you need life insurance until your agent comes to you with this offer,” Ritenour says.
John Ritenour: A life insurance policy is taken out to protect the family members or other people with whom the insured would like to leave their money or property. Although the life insurance policyholder controls how the money is used, they must pay premiums to support the life insurance policy.
Leveraging experience in the insurance sector, John Ritenour offers advice for the everyday consumer who is thinking about buying a life insurance policy. Ritenour also explains in detail how premiums are collected and how a death benefit is paid out. Life insurance policies appear in various sizes and shapes. If you are single and young with children, buying a term policy may be right for you. If you are elderly and have a spouse or partner, your whole life is often the right choice for you.
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