Is your life insurance policy still valid?

Life insurance is something that many individuals do not realize they need. In actuality, a good life indemnity policy can help your loved ones take care of financial responsibilities that you leave behind in Eureka, MO. Is your life insurance plan still valid, though? Focus Insurance can help you understand your policy.

Does a life insurance plan last forever?

A life insurance policy does not necessarily last forever. A whole indemnity plan is valid throughout the entire life cycle as long as you pay the monthly premium in a timely manner. Term life insurance, on the other hand, only lasts for a period of time. 

Many term indemnity plans cover the policyholder for five to ten years. There are other options that provide insurance for up to 20 years, which may come with higher monthly premiums. 

Why do people choose term over whole life insurance?

Whole life insurance tends to be more involved and expensive than a term indemnity policy. Whole life insurance may require you to undergo a physical exam by a doctor in Eureka, MO. 

Term life insurance is oftentimes granted after answering a few questions. Thus, individuals with health conditions that would disqualify them from obtaining a whole life insurance plan tend to gravitate towards term indemnity coverage. Young adults may also see more benefits in term coverage over whole life insurance as they may get more coverage at a cheaper monthly premium rate. 

Is your life insurance plan still valid?

Your life insurance policy may not be valid if you have term coverage. An agent at Focus Insurance can help you understand your current plan and determine if it is time to purchase a new life insurance policy. Call Focus today to get started with a quote for coverage.