Life Insurance Quote Forms
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Life Insurance Information
If your loved ones depend on your annual salary for financial stability, it’s natural to worry about what could happen to them if you pass away unexpectedly. Life insurance is one way to ensure your family is taken care of after you’re gone. Contact Ludovissy and Associates in Dubuque, Iowa, to learn more about our life insurance policies.
How Life Insurance Works
If you die while your life insurance policy is active, your insurer will pay your beneficiaries a lump sum, known as a death benefit. Death benefits may include financial support for funeral expenses, burial fees and other costs associated with your passing. It can also provide income replacement for your family and enable you to create an inheritance to pass down your assets to chosen beneficiaries.
The coverage duration of your policy will largely depend on the type of coverage you choose. There are two primary types of life insurance coverage: term life insurance and permanent life insurance. Term life insurance can provide coverage for a set period, such as 10 or 20 years. It is generally cheaper than permanent life insurance, but permanent life insurance provides coverage for your entire life. Other benefits of a permanent life insurance policy may include a level premium and the ability to accrue wealth with your policy. Permanent life insurance may also be called whole life or universal life insurance.
Speak with your insurance agent or contact Ludovissy and Associates to learn which type of life insurance policy is best for your needs.
How Many Life Insurance Policies Can I Have?
There’s no legal limit on the number of life insurance policies you can purchase. By purchasing multiple life insurance policies, you may be able to supplement your existing coverage. You should consider buying supplementary life insurance if your current life insurance policy covers only a portion of your final expenses. You may also be able to purchase final expense insurance as an endorsement to your existing insurance policy instead of buying a separate policy. Contact your insurance company for more information.
How Can I Find a Decedent’s Life Insurance Policy?
Finding a life insurance policy for someone who passed away can be difficult—especially if it’s an older policy that may have been taken out a number of years ago. You can begin by searching through their financial records and billing statements to see if there is a payment to an insurer. You can also contact their bank and former employer for more information.
How Far Back Do Life Insurance Companies Look?
Policies may vary, but many insurers will look back several years into your personal history to help them determine your level of risk. Your life insurance company will generally look at your medical history and past records, among other information you provide in your application, to decide if they will accept your life insurance application.
Getting Life Insurance
The right life insurance policy can provide peace of mind for you and your loved ones. Contact Ludovissy and Associates for a free life insurance quote and to speak to an insurance agent.