Bankers life insurance company has a rich history dating back to 1879. Bankers Life has grown from a founder’s simple wish to make insurance affordable. Strength, stability and service shape help provide financial security solutions that protect you and the ones that depend on you. Is it the best option for your family? Before purchasing a policy with Bankers Life, you may want to read this Consumer report. You can then Compare Bankers Life with other life insurance options.
LIFE INSURANCE PROTECTS YOUR FINANCIAL FUTURE
If you have someone that you support financially, you likely need life insurance. Think about how much income your family will need if you died today. If we do not plan properly in the present, the people we love most may face severe financial burdens in the future.
WHY BANKERS LIFE INSURANCE ?
Bankers Life Insurance Company offers term life, whole life, and universal life insurance plans. As with all life insurance solutions, Bankers life products pay a death benefit when the covered person passes away. Your loved ones can use the money to restore income, pay off debts, leave a legacy, or anything else. Life insurance proceeds are not subject to federal income taxes in most instances. However, the three types can vary regarding coverage length, premium versatility, cash value accumulation and distribution, as well as other factors.
WHAT TYPE OF LIFE INSURANCE SHOULD I BUY?
The three most important types of nonvariable or fixed life insurance coverage are Term Life, Whole Life, and Universal Life.
Term life insurance, often the most affordable type and designed to pay a benefit if you die during the term. You select the term such as 5, 10 or 20 years. Term life insurance is best when your need is limited to a set period, such as the length of your mortgage or until retirement. The coverage lasts only as long as the policy specifies.
Whole life insurance is a permanent policy that covers you for your entire life as long as premiums are paid. The coverage includes many guarantees. Premiums are guaranteed and will never rise during the life of the contract as long as you pay on time. In addition to the death benefit, whole life insurance comes with a guaranteed cash value. As your cash value grows, you may choose to take a loan without ever having to pay taxes.
Universal life insurance is another form of permanent life insurance. It offers flexible payments, hence you can choose to make higher payments when you are able or a lower amount if money is tight. Universal life insurance also has a cash value which accumulates tax-deferred. You can access your cash value for whatever you need through low interest loans, yet without paying taxes.
HOW MUCH LIFE INSURANCE DO I NEED?
You may be thinking with all of these, how do I decide which type of life insurance is right for me? A licensed life professional will start by walking you through some questions to determine your current financial situation. Then they will ask you about your future goals to decipher which insurance product is right for you. If you want to figure all this out on your own, you may use our financial planning tool.
Some questions might be:
How much income do my dependents need if I died today?
What debts or other expenses need to be paid when I die?
Include your mortgage, final expenses, probate charges, costs of settling the estate, other debts, like credit card or car loans.
HOW DO I GET LIFE INSURANCE COVERAGE?
Qualifying for a life insurance policy is not as hard as you think, and most companies follow the same procedures. With Bankers life insurance company or most other insurance carrier’s, the application process will look something like this.
When you purchase life insurance, you’ll first complete an application. The insurance company’s underwriters look at your medical history, determine if your application is acceptable and identify your risk classification. Your premium is determined by the amount of insurance coverage you request, as well as your age and risk classification. Certain coverage amounts require a medical exam for coverage and each insurance carrier has their own guidelines.
In summary, wise choices made now can make all the difference when you are planning your family’s financial future. Buying life insurance today can help to provide you with peace of mind regarding your loved ones. Let our life insurance professionals help you every step of the way to achieve your financial goals. Click on the View Your Quotes button above to compare rates with the best life insurance companies. In addition, you can call us at 866-936-3831 and speak with a life insurance specialist.