For those with children or other dependents, life insurance may provide effective financial protection for their future. After one passes away, the plan may be used to transfer expenses, pay taxes, satisfy debts, or provide income to surviving family members. Today, less than half of Americans have coverage. If you’re interested in choosing a policy, there are a few key facts to know.
A Brief Guide to Life Insurance
1. You Can Reevaluate or Cancel Your Policy at Any Time
Just like with homeowners insurance, your contract should allow you to cancel or refinance your policy at any time, without penalty. If your health improves or you quit smoking, for instance, you should become eligible for a less expensive plan. Likewise, you can alter it in any way you wish.
2. There Is No Universal Life Insurance Policy Database
Thousands of beneficiaries believe they have policies, but they can’t find them. Typically, this occurs because the insured person never completely explained the paperwork’s whereabouts. Unfortunately, contrary to popular belief, there is no universal database. However, the National Association of Insurance Commissioners can provide assistance in locating lostlife insurance policies.
3. Life Insurance Costs Vary Widely
Most Americans avoid buying life insurance because they think it’s expensive. However, there are a wide range of options and costs. As with any purchase, it is important to compare prices and the details of what benefits are provided for those prices.
4. You Don’t Have to Accept Denied Life Insurance Claims
If a company denies or undervalues your benefits after you file a claim, you have options. An insurance lawyer can help you contest and secure the compensation you deserve. Moreover, if the attorney wins the case, you may be able to recover your legal fees and costs.
Most of the time, life insurance helps financially protect your loved ones after you’re gone. Other times, companies avoid paying the compensation beneficiaries are entitled to or employ fraudulent tactics. If you have questions about a denied life insurance claim, turn to Mehr, Fairbanks & Peterson Trial Lawyers in Lexington, KY. They represent policyholders nationwide and will fight for your best interests to ensure you get the funds you deserve. To schedule a free consultation, call today at (859) 225-3731. For more information about the firm, visit the attorneys online. This is an advertisement.