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The Life insurance plan is a combination of caring, commitment, and common sense. No matter what your family’s dreams are for the future, a life insurance can help keep those dreams on track, especially if something happens to you.
If you own a life insurance policy when you die, your beneficiaries (spouse, child, aging parent, business partner, etc.) receive a tax-free lump sum of money called a death benefit. Life insurance is an important part of a plan of ensuring that your loved ones do not suffer financially if and when you die — and is the critical backup to the financial dreams of many families.
Life insurance can be viewed as “financial protection” for your loved ones in the event of your death. The insurance payout typically functions as an income replacement so that your loved ones can continue to afford housing, food, bills, medical care, and pay debts.
At Neldal Insurance, you can count on our expert knowledge of the life insurance industry to help you choose a policy that meets your needs and your budget. We do this for your friends and neighbors every day.
We have created a form that will help make this process as effortless as possible for all parties.
Please take the time to fill out your information and one of our agents will contact you within two business days.
Any Question is a good question
If this doesn’t clear it up for you, feel free to contact us directly! We’re here to help!
One or more people in your life depend on you financially.
Or, one or more people in your life depend on you for their caretaking in your home or theirs, such as children or aging parents.
Or, you have a debt that someone will have to assume.
Term life insurance is a policy that lasts until a certain age or for a specified number of years.
Permanent life insurance is a policy that you cannot outlive and will remain active for as long as you pay your premiums.
If you live longer than your term life insurance, your policy will expire, and you will not receive a refund of premiums paid. However, you may have the option to convert your term policy to a permanent policy once it expires.
When choosing the number of years for a term policy, you should consider things like the age of the people who depend on you for financial stability, such as your children; and the number of years left owing on major debts like a house mortgage. For example, if you have young children or purchased a new house, you may want a 20–30-year term policy. If your children are in college and have only five years left on your mortgage, you may want a 10-15-year term policy.
If you become terminally ill, this provision allows you to collect a portion of your death benefit while you are still alive. The amount you take out will be subtracted from the death benefit with interest.
That means that you have paid enough premiums to cover the cost of your life insurance policy for the rest of your life. The carrier will use the cash value to pay your premium until you die.
The contestability period is usually the two-years after you buy the policy. During these two years, if the insurance company finds that the policy was issued under misrepresentation or withholding of information by you, they can declare your policy void.
To decide how much life insurance you should have a look at your family financial obligations and compare that to your financial resources.
We want to make this easy for you.
Our customer service stands alone.
team@neldal.com
(979) 848-8717
(866) 246-5945