Some of the insurance companies which SafePol represents, offer a free addition to life insurance policy, known as an “Accelerated Death Benefit Rider.” This Rider allows you to take out a part of the insurance death benefit, when you become terminally ill.
The portion of death benefit taken from the policy can be used for any purpose, such as to pay your monthly bills, e.g. mortgage, car loan or anything else. The freedom of the money usage is especially important because as we all know it is difficult to keep up with your bills when you can’t work due to a terminal illness.
If you don't have a health insurance plan you could also use the money to cover medical expenses.
Please call us for further information about the rider availability and conditions as it differs between states and insurance companies.
Life Insurance, just like any other type of insurance, should be chosen based on your individual needs and your financial situation.
The most common mistake made when purchasing life insurance is choosing an inappropriate type and amount of death benefit.
EXAMPLE: Parents of three young children, with low income, no savings or investments, purchased $100,000 whole life policy, each. The mistake made here by the parents is the insufficient amount of death benefit, which is substantially below their needs to secure financial stability and collage funds for their 3 children.
For the same amount of money, the parents could have purchased a term life policy, with much higher amount of death benefit, which would have better met their needs.