Stefanelli Life Insurance

• Life insurance is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay   

designated beneficiary a sum of money in exchange for a premium, upon the death of an insured person. Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. The policy holder typically pays a premium, either regularly or as one lump sum. Other expenses, such as funeral expenses, can also be included in the benefits.

• Life insurance is part of estate planning. If you have loved ones who depend upon you financially, you need life insurance. A life insurance policy allows your beneficiaries to cover their living expenses after your death.
  

• Return of Premium (ROP) Term Life Insurance Pays You Back. “Return of premium” term life insurance typically provides coverage for a term of 15, 20, 25 or 30 years. If you don’t die before your policy’s term ends, the insurance company pays you back in full for the amount you’ve paid on your premiums.

• Investing in a life insurance policy affords you the ability to increase the cash value of your insurance policy without worrying about losses. Keeping losses and risks low is a major key to building wealth, and life insurance policies are a great way to do this.

• · Filing a Claim. Following the death of an insured, it is important to contact the life insurance company as soon as possible to begin the claims process.
• · When Benefits Are Paid Life insurance benefits are typically paid when the insured party dies. ...
• · Life Insurance Payout Options. ...
• · Pre-Death Benefits. ...

• If you retire and don't have issues paying bills or making ends meet you likely don't need life insurance. If you retire with debt or have children or a spouse that is dependent on you, keeping life insurance is a good idea. Life insurance can also be maintained during retirement to help pay for estate taxes.

• 10 reasons you need to buy life insurance

• 1. LOOKING AFTER YOUR LOVED ONES EVEN AFTER YOU'RE GONE:
• 2. DEALING WITH DEBT:
• 3. HELPS ACHIEVE LONG-TERM GOALS:
• 4. LIFE INSURANCE SUPPLEMENTS YOUR RETIREMENT GOALS:
• 5. BUYING INSURANCE IS CHEAPER WHEN YOU'RE YOUNGER:
• 6. YOUR BUSINESS IS ALSO TAKEN CARE OF:
• 7. TAX-SAVING PURPOSES:
• 8. A TOOL FOR FORCED SAVINGS:
• 9. YOU MAY NOT BE QUALIFIED FOR IT LATER:
• 10. PEACE OF MIND:  

• If you have a partner, child, or family member who relies on your income for their financial health, then you probably need life insurance. The many types of life insurance coverage that are available to cater to different budgets, financial needs, and even health statuses so that most people can find the coverage that meets their needs and situation.
• A term life insurance policy is often a good choice that appeals to people who want affordable coverage to last for a specific time period, such as until their loved ones are no longer financially dependent upon them. If you want coverage for the rest of your life along with the ability to build additional cash value within your policy, a permanent policy can offer that.
• Choosing the right coverage for you does not need to be complicated. Consider what price fits into your budget as well as what role you want life insurance to play in your financial plan. And, most importantly, don’t lose sight of the fact that you’re doing all this research and buying a policy to help financially protect the most important people in your life.

• Term life insurance is the best option for most people, including seniors, because it provides the most coverage at the lowest price — especially if you’re in good health. It offers coverage for a specific number of years (usually 10 to 30 years in five-year increments), and the premiums are the same every year.

• Life insurance normally pays out in cases of suicide, unless it happens during a particular exclusionary window laid out in the policy. Life insurance provides a financial safety net that can last for decades. One concern that some insurance shoppers have is that an insurance company won't pay the death benefit if the policyholder dies.

• If you have life insurance through your work, you should still buy your own life insurance policy. The reason you should never only rely on life insurance at work is that you could lose your job, or decide to change jobs and once you do that, you lose that life insurance policy.

• Average Life Insurance Payout Time. How long it takes to receive a life insurance payout depends on how the policy is structured and the nature of the claim. A typical payout time ranges between 30 and 60 days, but it could take as little as two weeks if the claim is straightforward. Payouts could be delayed if the insurance company needs to investigate the death in question.