Life Insurance Policy Washington WA

Reader’s Question:

I’m planning to get a life insurance policy in Washington. I would like to ask for a brief explanation on how life insurance generally works. -

Kristine

Seattle WA

A pure and simple life insurance does not build cash unlike any other type of insurance. It is a way of insuring yourself in a specific period of time. Depending on your policy coverage,
the number of years is usually, 5, 10, 20 or 30 years. You are required to pay the premium continuously until the term ends. If you miss any premium payments or stop payment, the policy is considered useless. The policy expires once the term ends. After the policy expires, you can either renew it or purchase a new policy. If you plan to renew the policy,it may be costly for you because by that time, your health may not be the same since you may have aged already, especially if you purchase a life insurance 20 years ago. Some companies
may require you to show insurability to ensure that you are healthy and insurable.

In case you die because during the term period of your life insurance policy, our beneficiaries will receive proceeds. However, if you die a day after the policy expires, your beneficiaries will not be paid out. Though some insurance providers offer renewable and convertible types of term life, you should be very careful and read the contents and coverage of the policy.

Tags: life insurance