Life insurance is a critical protection for the loved ones you leave behind. It protects one of your most valuable assets, your future earning capacity. When a family unexpectedly loses a provider, it can leave them in great financial turmoil. A life insurance policy pays upon a person’s death to ensure that surviving family members are supported. With the many options available, you need to know what to look for.
At the Saxton Law Firm, our team helps clients understand what life insurance they need. We also represent family members after a life insurance company denies a claim. Our attorneys are here to help you every step of the way.
Types of Life Insurance in Kansas City
There are many types of life insurance policies. Three of the most popular versions include the following:
Term Life Insurance
Also called “pure” life insurance, a term life policy provides a death benefit for a specific time period. If you pass away during that coverage period, the beneficiaries receive that death benefit. A beneficiary is the person or persons you name to receive the proceeds of your policy when you die.
If you live past the time period, the coverage ends and you do not get any money back. Term insurance is available in many ranges, from one year, thirty years, or even more. You might also be able to renew a term life policy before it expires, but the life insurance company will likely raise your premium.
Whole Life Insurance
Whole life insurance is a permanent life insurance coverage. This permanent insurance covers you the entirety of your life, so long as you make proper and timely payments. Under this coverage, you pay a premium payment that costs more than the insurance coverage and expenses.
The excess payment is credited to a cash value account. This cash value will continue to grow, tax deferred, throughout the entire life of the policy. It can be accessed at nearly any time, whether through a withdrawal or complete surrender of the life insurance policy. This may, however, terminate the death benefit. It is important to understand the full ramifications of any plan you pick before you withdrawal any cash benefit.
Universal Life Insurance
Universal life insurance is also a type of permanent coverage. It provides a death benefit for your entire life, and a cash value account. While similar to whole life coverage, universal life insurance gives you flexibility in making premium payments. It can be adjusted up or down within your policy limits and guidelines. Higher premium payments result in a higher cash value over the life of the policy.
What To Do If a Life Insurance Claim is Denied
If a life insurance company has denied your claim, speak to a qualified Kansas City life insurance attorney right away. We see insurers deny valid claims all too often. They want to save money or look for an excuse not to pay.
We see through these tactics and know how to help. Our lawyers investigate your case to determine how best to help get the coverage you are owed.
READ MORE: Why Are Life Insurance Claims Denied?
You deserve payment from the life insurance company when you need it. Our lawyers provide you critical advice on how to pick the right policy you need and fight for your rights to compensation.
At Saxton Law Firm, our Missouri life insurance lawyers can help with whatever you face. We also help our clients with litigation whenever necessary. Contact Saxton Law Firm for a FREE case review!