iCrowd Newswire
06 Aug 2022, 04:32 GMT+10
Term life insurance can be a good fit for most young families - but keep in mind that both parents, if possible, should be covered. You also need to plan for your new family, which means facing questions like "What will happen to my child or partner if I die?" Life insurance is one way to provide for them financially should the unexpected happen.
A study by LIMRA found that 42% of American households would have financial hardship within six months if the wage earner passed away. Individuals with young families want to ensure their children are cared for if something happens to them. They also want to find a policy that's affordable for them.
Fidelity Life offers great affordable term life insurance options for young families. Applicants can even get life insurance with no medical exam. Here's how term life insurance with Fidelity Life works and the reasons families should consider getting a policy.
Life insurance pays money to a beneficiary - a spouse or co-parent, for example - when the insured person dies. You choose a life insurance beneficiary when you buy coverage.
The money can support the family in your absence, such as paying the mortgage and funding your child's education.
Here's an example of how life insurance works: You buy a $1 million policy insuring your own life and name your spouse as a beneficiary. If you die while the insurance is in effect, your spouse receives the $1 million payout .
A term life policy gives a policyholder guaranteed protection for a specific term length. Fidelity Life offers 10,15, 20, and 30-year term lengths. Coverage amounts can range anywhere between $50,000 to $2,000,000. The cost of the premium is determined by factors such as age, gender, hobbies, smoker status, and overall health. A 30-year-old woman may get a 20-year $250,000 Fidelity Life term policy for as low as $18.71. Life insurance shoppers can customize their policy to a term length and coverage amount that's enough to financially protect their family. After answering a few questions, Fidelity Life provides a quote to help life insurance shoppers find an affordable option.
Once shoppers have decided on a policy, they can apply for it online or with an agent. While term life insurance may require a medical exam, in some cases, young and healthy can have their medical exam waived. After an applicant is approved, they can start paying their premiums on a monthly or annual basis. With Fidelity Life, coverage may begin as quickly as the same day. Policyholders can customize their policy by adding a life insurance rider, such as a terminal illness rider or a child life insurance rider. Once the policy is about to end, it can be allowed to expire, be renewed, or a different life insurance product can be purchased.
The main benefit of a Fidelity Life's Term Life policy is its affordability. A 35-year-old male can potentially get a 20-year $500,000 term life policy for around $37 a month. The premiums are generally lowest for those who are younger and healthier. As noted earlier, life insurance shoppers are able to customize a term life policy to the length and coverage amount that best suits their needs. Since the policy is not tied to an employer, policyholders won't have to worry about losing their coverage if they change their job.
To figure out how much life insurance to buy, think about your family's financial needs.
When you buy a policy, you name a beneficiary, such as your spouse, to receive the life insurance money. If you want to name a minor child as a beneficiary, you'll want to consider establishing a trust to hold the funds for them.
Fidelity Life offers a variety of policies, including no medical exam life insurance.Life insurance shoppers can discuss their options with a licensed agent or shop online for life insurance quotes. Shoppers simply need to answer a few questions before being quickly matched with a policy that suits their needs.
See Campaign: https://www.iquanti.com
Name: Michael BertiniEmail: [email protected]Job Title: Consultant
Tags:Go Media, Reportedtimes, PR-Wirein, Google News, IPS, Financial Content, ReleaseLive, CE, iCN Internal Distribution, Extended Distribution, EnglishGet a daily dose of San Diego Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to San Diego Sun.
More InformationFRESNO, California: Fresno State suspended two of its top men's basketball players last weekend and removed a third player from the...
Ramadewa looked at the numerous troops of monkeys. They were at ease and happy and showed their liveliness. All their movements, their...
LONDON, U.K.: Despite regulatory efforts, unauthorized disposable vapes continue to dominate a significant portion of the U.S. e-cigarette...
SACRAMENTO, California: California Governor Gavin Newsom is urging Congress to approve nearly US$40 billion in federal assistance to...
LOS ANGELES, California: The Trump administration is once again challenging California's high-speed rail project, with federal transportation...
When the Eaton Fire began on January 7, 2025, in Altadena, California, it blazed through residential neighborhoods, destroying thousands...
CAPE TOWN, South Africa: An international summit on global poverty faced setbacks this week as key finance leaders skipped the G20...
ATLANTA, Georgia: After two years of declining same-store sales, Home Depot finally saw a turnaround in the fourth quarter, fueled...
NEW YORK, New York - U.S. stocks rallied on Friday as economic data showed the U.S. Federal Reserve has likely tamed inflation. The...
WASHINGTON, DC - The U.S. Federal Reserve seemingly has inflation under control with the latest econbomic data confirming little push...
COPENHAGEN, Denmark: A remote Arctic facility designed to preserve the world's agricultural diversity is set to receive a major new...
LONON, U.K.: British Petroleum is set to abandon its ambitious renewable energy expansion targets in favor of a stronger focus on fossil...