Life Insurance in Roland, OK
Anyone with dependents or who wants to help reduce financial stress for others after they’re gone should consider life insurance. This type of policy may provide financial support after the insured passes away, helping ease the financial burden that can follow.
What Type of Life Insurance Should I Get?
Life insurance policies fall into two major categories:
- Term life insurance is a relatively simple and generally more affordable type of policy that may provide coverage for a set period. If the insured passes away during that time, beneficiaries can submit a claim for the death benefit. The coverage stops once the policy term ends unless it is renewed or converted, depending on the policy terms.
- Permanent life insurance may provide lifelong coverage as long as premiums are paid. Policies can often accrue cash value, which grows over time and can be accessed to help pay for premiums or make investments.
What Does Life Insurance Cover?
The death benefits from life insurance can be used to cover daily living expenses and other financial needs, such as the following:
- Debt payments (e.g., mortgages)
- Funeral and burial costs
- Children’s future education expenses
- Estate planning
- Charitable contributions
How Is Life Insurance Paid Out?
When a policyholder dies, the beneficiary must file a claim with the insurance company. This usually involves submitting a death certificate and completing claim forms. Once the claim is processed and approved, the insurance company pays out the death benefit. Beneficiaries can often choose to receive the payment as a lump sum, in installments or through other arrangements based on the policy’s terms.
Learn More
Secure life insurance from The Kimberlee Agency. Our agents can discuss various options and help you obtain your ideal coverage. Contact us today to learn more.