Note: Any reference to the word guarantee is based on the claims paying ability of the underlying insurance company.
Why Orange County Residents Should Have A Term Life Insurance Policy?
Choosing a life insurance policy with Security Insurance can be one of the most important decisions you ever make. By choosing the right policy you are making the choice to give your loved ones the gift of irreplaceable assistance when transition through their grief during your time of death, which helps them overcome the potential weight of the financial burdens that can result in the loss of a loved one.
There are a wide variety of advantages for you and your family when you select a policy with Security Insurance. Funeral expenses alone can be thousand of dollars, not to the cost of hospital bills and doctors fees that can sometimes occur. Estate taxes add up, and if you are the primary income source for your family then they will need money to transition into working and supporting themselves, which can sometimes take longer than expected. Bills continue to come, and they need to be paid on time.
Having a life insurance policy in place serves as the cornerstone of your estate planning, and can give your family the break they need to make it through the difficult time they will be facing. At Security Insurance, we do everything we can to work with you and your loved ones to get you the policy that best fits your needs, and helps everyone to do so in the most affordable, cost- effective way possible
What is Term Life Insurance?
In our experience as a professional insurance provider, term life insurance has always been the simplest, most easy to understand policy on the market. The policyholder makes their payment over a set amount of time, and is covered under that time period while making their payment. Payments can be made monthly or over an annual basis, but as long as your payments are current you and your loved ones are protected during that time period, or “term.”
How Does my Orange County Term Life Insurance Policy Work?
Policyholders are given the freedom to choose how long they are looking to have coverage for, which generally consists of anywhere between 5 and 30 years. The payment- or premium- on your policy is designed to stay consistent at an affordable rate. The period your policy is active for is known as your “term,” and the consistent premium you make on your plan makes that policy a “Level Plan.” You are allowed to choose a beneficiary or your policy, and if you die anywhere within the allotted time period of your policy is active for, then your beneficiary will inherit your death benefit.
When you decide to purchase your Orange county Term life Insurance policy,some policy premiums are guaranteed* and others are not guaranteed.
What Happens if I Miss A Payment On My Policy?
If you miss a payment on your premium, you generally have 30 to 31 days to make that payment, or else your policy will lapse. This time is considered to be a grace period, but if you fail to make the premium payment after that grace period, then your policy will lapse.
You are not obligated to pay, but once you stop paying, the policy will lapse after usually a 30 day grace period. Some term insurance policies can be renewed when you reach the end of a specific period which can be from one to 30 years. The premium rates increase at each renewal date. Most policies require that evidence of insurability be furnished at renewal for you to qualify for the lowest available rates.
Advantage of Term Life Insurance
This type of plan can be especially advantageous to a range of consumers for a number of reasons. In order to help you decide if this policy is right for you, please take a look at the following advantages when you are getting ready to make your decision.
Policies are generally affordable, but provide a large return for your family if you are to pass away within the designated time period. When looking at this coverage from a value standpoint, this policy offers the greatest return on your invest. Additionally, the premiums are some of the most affordable, making this policy extremely budget- friendly.
Policyholders who purchase at a younger age are offered the lowest rates, making this type of coverage a manageable addition to any other bills you may be paying. Coverage covers specific needs that you will not have to worry about in later years, such as mortgage payments or car payments. If you are the primary earner in the family and something were to happen to you during this time period, your family would never have to worry about making sure their mortgage, tuition, or any other important bills were paid on time.
If you are concerned about coverage only lasting for a pre-designated period of time, there are options that will keep you and your family covered for up to 20 and 30 years. Regardless of how long you are looking for coverage for you and your loved ones, this policy can provide for you.
If you are the owner of a small business, this policy has death benefits specifically designated to ensure that your business is able to continue operating in the event of your death. This policy ensure that if you were to pass away with the term, your business and your family would always be taken care of.
What Happens if I Become Disabled?
If you were to become disabled during your time and not able to make your premiums, provisions or riders may be added to your policy. A “waiver of premium”** is available, which allows totally disabled parties to forgo premium payments for a specific period of time during their disability.
Other Available Riders
Accidental Death Benefit- this provides additional benefits in the event of an accident. If available, this rider would require an additional premium, with its availability varying by city and state.
Accelerated Benefits- also known as “living benefits,” this riders allows you to receive some proceeds before you death. Like the previous rider, Accelerated benefits are only available under certain conditions, and vary by city and state.
Child Rider- this rider provides insurance from all of your children, generally between $1,000 and $20,000. The child rider also varies by carrier, city, and state.
Your Orange County Term Life Insurance Policy
All of the term life insurance policies we offer our Orange County customers are designed with one thing in common- to protect you and your loved ones. As a family owned and operated business, we understand the importance of family, and want to help our customers to do everything they can to ensure that their families are protected in the event of a crisis or tragedy.
With over a decade of experience helping customers select the most comprehensive, affordable packages, Security Insurance has the experience and the network to offer you the best coverage available to you and your families. Please contact us today at (***) ***-**** to speak with one of our experienced representatives.
*Guarantees are based on the claims paying ability of the issuing insurance company.
** Availability, specifics, and costs of these riders vary by carrier and state.