Temporary Life Insurance in Miami: Understanding the Basics
Term or temporary life insurance offers protection for an identified period of time such as a term of 10, 20, or 30 years. This is the most affordable life insurance coverage since it doesn’t offer other expensive features, except death benefit. The price, or premium, characteristically stays the same every year during the insurance term.
In this process, your insurance carriers will ask you to mail them a premium check with your life insurance application. By submitting the first premium at the time of application submission will help you to secure your temporary insurance coverage, while the application in still in underwriting.
When you receive the application for review, date and sign, the Temporary Life Insurance receipt is also attached along with it. This receipt mentions the rules and details for your temporary life insurance policy and also indicates the date of beginning of the temporary coverage and the conditions of life insurance coverage offered by the company.
Bear in mind that the payment amount you are originally cited can culminate in being a different amount once the application is approved. Hence, the first payment is likely to be adjusted with the purpose of putting the life insurance policy in effect. This is mainly because you will still need to meet the requirements for the temporary coverage on the basis of medical and age. Most life insurance companies inquire a chain of questions addressing your medical history as well as your existing medical condition.
Why is temporary life insurance a good idea?
When applying for life insurance, temporary coverage can be of a tremendous benefit to you. The added peace of mind is worth the initial premium amount. Not just that, the insurance company will return your full premium to you just in case your application is declined for whatever reason, or when you decide not to take the policy offer.
If you want to apply for a life insurance with complete medical underwriting, at times it can take longer to reach finish the process. Also, in case the insurance company needs additional medical records from a medical specialist, it sometimes can considerably increase the time needed for approval of the application. In the event you suddenly pass away during the application process, the coverage would be ready to use along with the temporary insurance.
Temporary Life Insurance in Hialeah and Miami County
Although there are many agencies offering excellent life insurance services in Hialeah and Miami County, we excel at providing the highest quality insurance coverage for individuals, families and businesses throughout Miami and Hialeah. We provide unparalleled customer service and low rates together with our capability to understand our customer’s needs and meet them accordingly.