In this article we will learn about finding the best non-medical life insurance Seattle, choosing to search for non-medical life insurance can be a hassle, especially if you live in a big city like Seattle. In this day and age, searching for non-medical life insurance Seattle can be an easy job, especially with the vast resources of the internet, but before we start out quest for quality non-medical life insurance, we need to learn what the options are. |
This will help you find the best deal and you may later want to combine your non-medical life insurance plan with a plan that provides medical care.
Option 1 – Term insurance
According to Wikipedia”Term assurance provides life insurance coverage for a specified term. The policy does not accumulate cash value. Term is generally considered "pure" insurance, where the premium buys protection in the event of death and nothing else.
Another common type of term insurance is mortgage life insurance, which usually involves a level-premium, declining face value policy.
The face amount is intended to equal the amount of the mortgage on the policy owner's property, such that any outstanding amount on the applicant's mortgage will be paid should the applicant die.”
Option 2 – Permanent life insurance
Permanent life insurance is a type of life insurance that will stay active until the policy is mature enough, unless the owner fails to pay the premium when due.
You can also combine the permanent life insurance with a non-medical life insurance Seattle option, as the permanent life insurance policy cannot be invalidated by the insurer for any reason except a dishonest application, and any such deceitful application must occur within a period of time (usually two years) defined by law.
Option 3 – Whole life coverage
Whole life insurance gives lifetime death benefit coverage for a level premium in most situations. Premiums are a lot higher than term insurance at younger ages, but as term insurance premiums rise with age at each renewal, the added value of all premiums paid across a lifetime are approximately equal if policies are kept until average life expectancy.
Part of the insurance contract specifies that the policyholder is empowered to a cash value reserve, which is part of the policy and pledged by the company. This cash value can be accessed at any time through policy loans and are received income tax free.
Policy loans are accessible until the insured's death. If there are any non-paid loans upon death, the insurer subtracts the loan amount from the death benefit and pays the remainder to the beneficiary named in the policy.
Now that you know the most basic types of life insurance you can easily find the right combination and choose the best non-medical life insurance Seattle has to offer to you and your family or business.
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