Life insurance protects the family members you leave behind. None of us can control when we die, but you never want to leave your family unprotected. The financial impact of your death could leave your spouse, children, or other loved ones destitute without your financial support. Life insurance helps cover the unexpected and guarantees your family is taken care of.
At the Saxton Law Firm, we help Kansas City families understand the importance of life insurance. Our team also help you protect your rights if an insurer tries to deny your life insurance claim. Speak to us to learn more about how we can help.
What is Life Insurance?
Life insurance is a legal agreement between the insurer and a policyholder. It provides a cash payment to the surviving family members of a person after they die. This monetary payment is called the “death benefit.” It goes to the beneficiary or beneficiaries. These are individuals named in the contract who are to receive the proceeds of the life insurance policy if the covered individual dies.
Life insurance helps to pay for lost income, living expenses, bills, education costs, burial costs, and so much more. It is designed to protect your family financial well-being even if you unexpectedly pass away. Some policies can even provide benefits while you are still alive. Accelerated or cash value benefits may help cover costs during your lifetime.
Types of Life Insurance Policies
There are many types of life insurance policies out there.
- Term Life Insurance: This policy grants a death benefit for a specific period of time. It pays out if you die during that period, but you receive nothing back if you pass away after the term expires.
- Whole Life Insurance: Whole life coverage provides a cash value account because you pay premiums, higher-than-cost payments that grow the value of the policy over time. They also last your entire life and do not expire so long as you pay the premiums.
- Universal Life Insurance: A universal life policy is similar to whole life policies, but offers greater flexibility in premiums.
Why Kansas City Families Should Have Life Insurance
Life insurance policies provide important protections for you and your family, even after your death. Benefits of having a quality life insurance policy include, but are not limited to:
- Debt coverage to help pay outstanding debts like mortgages, student loans, credit cards, and more
- Income replacement to help your family adjust after your death
- Financial protection as a safety net by providing a lump sum death benefit
- Peace of mind for loved ones knowing they can grieve without worrying about finances
- Legacy planning for heirs
Life insurance protects your family, that is the bottom line. There are many things to consider in picking the right policy, but you should greatly consider having a policy.
What If My Life Insurance Claim is Denied?
After losing a loved one, the last thing you want to hear is that the life insurance policy you paid for is denied. A Kansas City life insurance attorney knows how to help.
We can help you file an appeal in the claims process or even file litigation to help secure the funds you are owed.
READ MORE: What Should I Do If My Life Insurance Claim Is Denied?
Every Kansas City family should consider life insurance. It protects your family and your own peace of mind.
At Saxton Law Firm, our Missouri life insurance lawyers can help you make important decisions about life insurance and protect your rights. Contact Saxton Law Firm for a FREE case review!