Life Insurance Quote Forms
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Life Insurance Information
A life insurance policy can provide peace of mind for the insured person and work as an essential part of your long-term financial plan. The life insurance experts at Morgan Marrow Company can help you understand your life insurance options so you purchase life insurance that meets your individual needs.
What Is Life Insurance?
Life insurance provides beneficiaries with a death benefit when the insured person dies. This policy is a contract with an insurer. In exchange for regular premium payments, the insurer provides a payout when the life insurance policy’s beneficiaries submit a claim after the insured person’s death.
What Does Life Insurance Cover?
The beneficiaries can use life insurance proceeds for any reason, including the following:
- Pay off the insured person’s jointly held debts
- Provide future financial support for the insured person’s children and other dependents
- Cover funeral, burial and celebration of life costs
- Cover everyday bills such as mortgage payments, childcare and groceries
- Replace the insured person’s income for the benefit of their family
As the policyholder, you choose the death benefit amount. Your agent can help you determine a death benefit and type of life insurance that may best meet the needs of you and your loved ones.
How Does Life Insurance Work?
There are two main types of life insurance:
- Term life insurance provides coverage during a predetermined window of time, the “term,” which is typically 5, 10, 15 or 20 years. If the insured person dies during the policy’s term, the policy’s beneficiaries can file a death claim with the insurance company to receive the death benefit. The policy automatically terminates if the insured person outlives the policy’s term.
- Permanent life insurance (whole life insurance, universal life insurance, variable life insurance) provides life insurance coverage during the insured person’s entire lifetime. These policies also have a savings component, which makes permanent life insurance more expensive than term coverage. At some point, the policyholder might be able to borrow against the cash value of the policy, use the cash value as an income supplement or surrender the policy in exchange for its cash value (minus fees).
How to Get Life Insurance
Buying life insurance is crucial to your overall financial plan. Working with an experienced agent to determine the amount and type of life insurance that may best meet your needs is a smart way to get the coverage you need.
Contact Morgan Marrow Company
in Virginia Beach and Hampton, Virginia, to get personalized life insurance quotes.