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Featured Insurance Blog

Term vs. Whole Life Insurance

At Rob Hill Insurance Group, many of our finest Atlanta, GA clients have heavily debated the nature of term life and whole life insurance policies. We understand this confusion and can help explain the different options that may be necessary to consider in this situation. 

Term Life Insurance: A More Limited Option 

Your term life insurance policy is more limited in the sense that it does not last as long as whole-life insurance. In other words, your policy is usually set for a term of 10-30 years, depending on your policy. Why would anyone want a policy that didn’t last their whole life? 

Typically, term life is a good option for people who are already reaching the end of their life. And it is also a strong choice for those who don’t have a lot of money to spend on a policy. A good term life policy still offers high-quality compensation, making it an excellent choice for many.

Whole Life Insurance: A More Comprehensive Choice

By contrast, full life insurance is designed to last your entire life. As a result, you can expect this type of policy never to lapse, as long as you continually make your policy payments. The downsides do include a higher level of cost and some difficulties getting this type of coverage. 

Often, whole life insurance is something designed for younger people or those in better health. People with weaker bodies may find it harder to find this type of coverage. That said, it may also be available in some scenarios, so it is worth considering even if you’re aging towards your senior years. 

Don’t Neglect Your Insurance Needs

Which type of life insurance seems more suitable to your needs? If you still aren’t sure, it might be time to reach out to us at Rob Hill Insurance Group to learn more about your Atlanta, GA options. We work closely with all our customers to help improve their chances of satisfaction. 

Why You Need a Life Insurance Policy

Understanding why you need life insurance can be complex at times, especially if you do not know what you specifically want. However, there are various benefits why you should consider having life insurance, especially if you want to protect your loved ones from financial loss. That is why Rob Hill Insurance Group of Atlanta, GA explains why you need a life insurance policy.

For Peace of Mind

At one point, we will all pass away, but we do not know when. And as much as money cannot replace a person, it protects us from life’s uncertainties. It gives you and your family peace of mind, knowing that they will be well taken care of when you are gone. It offers your beneficiaries protection from the unknown and helps them get through a difficult time when you pass away.

Protect Family and Loved Ones

If you are the sole provider in your family, getting life insurance is advisable. This is because when you pass away, the payout will help replace your income. It is especially vital for parents with young kids who will have a difficult time sustaining their living standards when they no longer have access to the income they had before.

Leave an Inheritance

If you do not have assets to pass on to your loved ones, having life insurance is one way of building an inheritance to leave behind for your heirs. This gives them a solid financial foundation for the future when they will need the money.

Financial Security

Like any other concerned parent, you want to know that your kids will be well taken care of when you are gone. You want them to get a quality education or have some money to start a business with. Therefore, with life insurance, you create that additional coverage that is important even when your kids are still at home.

Pay Off Debts Plus Other Expenses

Apart from your family having income to cover the daily expenses, they can also use the death benefits to pay off any debts you had. For instance, if you are still paying the mortgage on the house, they will have money to pay off the remaining balance. Other debts can be credit cards or car loans.

The above reasons can help you understand why you need life insurance. If you reside in Atlanta, GA you can reach out to Rob Hill Insurance Group for assistance in choosing a suitable policy.

What Is Term Life Insurance?

Death is inevitable. It’s essential to protect your loved ones by getting a life policy to help them maneuver through life even in your absence. If you are in Atlanta, GA, Rob Hill Insurance Group will help you get insights on the most misunderstood policy, life insurance. 

You’ll know more about term life insurance and how it works. The team will guide you on everything to help you make the right decision. 

How Term Life Insurance Works

Term life insurance refers to a life insurance policy, which provides coverage for a specified period. In case the policyholder dies within the policy term, the insurance pays out a death benefit. 

With time insurance, you’ll pay the premiums annually or monthly, depending on the agreement you have with the insurer. As long as you’re paying the premiums, your beneficiaries will get the payouts upon your demise. The team at Rob Hill Insurance Group will customize the policy to meet your individual needs. 

If one dies within the period the term life policy is active; the beneficiaries submit a claim to the insurance company. The insurer mostly requests a copy of the deceased policyholder’s death certificate before paying out the death benefit. 

Types of Term Life Policies to Buy

Term life insurance is quite different in terms of the costs, payouts, and what they include. Some types of term life insurance include:

  • Level premium
  • Return of premium
  • Yearly renewable term 
  • Guaranteed issue

It’s crucial to go through these policies with a professional agency to know which is best for you. If you’re new to an insurance policy, everything might seem confusing. 

With Rob Hill Insurance Group in Atlanta, GA, you’ll understand every single detail about the term life insurance. Our team of professionals will guide you through the process and answer your questions. Call Rob Hill Insurance Group today to kickstart your term life coverage.

Life Insurance Options

Nothing is more difficult for a person than losing a loved one. To ensure that your family members are taken care of properly and experience less stress if and when you pass away, the best present you can leave for them is the gift of a life insurance policy.

A life insurance policy is important for many reasons. For instance, if you provide the main income for your family and you die unexpectedly, not only will your family have to deal with the loss they will experience, they will have the stress of trying to figure out how to pay the bills. If you have a life insurance policy in place, this will alleviate some of the financial stress for your loved ones.

A life insurance policy will also help your family pay for your funeral expenses and burial, which can both be very costly. The life insurance agents at the Rob Hill Insurance Group in Atlanta, GA have the experience and knowledge to help you create the best life insurance policy for your loved ones.

Life Insurance Options

There are many different types of life insurance policies, including group life insurance, which many people have through their employer. This is normally just enough to cover your funeral expenses, which is why you may want to opt for one of the three main types of life insurance: term life insurance, whole life insurance, and universal life insurance.

Whole life insurance guarantees that the death benefit will last throughout your life and be provided quickly to your loved ones upon your death. Universal life insurance will gain interest based upon the cash value of your policy. Hence, it is similar to a savings account, while term life insurance is only in effect during the “term” in which you decide to pay it. For example, if you have a ten-year term policy, it will need to be renewed for another ten years at the end of that term.

To obtain the best life insurance policy for you and your situation, call upon the Rob Hill Insurance Group’s trusted agents in Atlanta, GA for an appointment today!

What can nullify a life insurance policy

You purchase life insurance to give your loved ones financial security if you are no longer here to provide support. You expect that policy to be in effect if your loved ones should ever need it. In most cases, it will offer the needed protection, but some things can nullify a life insurance policy, and the company will refuse to pay the death benefit. At Rob Hill Insurance Group in Atlanta, GA, we make sure that our customers understand life insurance and the things that can nullify their policy. 

You die during the contestability period.

If you die within one or two years of taking out an insurance policy, the insurance company has the right to investigate the statements you made on your insurance application. You can be quite sure they will take advantage of that right. It can take them quite a while to pay if they do pay. In the state of Georgia, the contestability period is two years. 

You failed to reveal relevant information.

If there is an error on your application, it can result in your policy being nullified. This has to be something relevant, not just a wrong address or an incorrect date. If you know that you have been treated for a disease that might keep you from getting the policy or being charged more and don’t disclose it, this is enough to give the insurance company a reason to refuse to pay. Lying on an insurance application is not acceptable. 

Failure to pay

The most common reason that insurance policies are nullified is that the premiums are not paid.  Most policies have a grace period, but after that, you could lose your policy. 

Life insurance is a vital coverage most people need. Don’t take any chances with your loved one’s security. Call Rob Hill Insurance Group in Atlanta, GA with any questions about your life insurance coverage.   

Whole Life vs. Term Life

Understanding the two main types of life insurance can help you make the right decision for yourself and your beneficiaries. Keep reading to learn about term versus whole life insurance. Remember to discuss any questions on your individual coverage with your agent from Rob Hill Insurance Group in Atlanta, GA.

About Term Life Insurance

Term life insurance lasts for a specified period, during which you pay premiums. If you die within that timeframe, your beneficiaries get the death benefit. It’s simple and easy to understand.

Term life policies end after a set number of years, giving you time to build wealth and for your dependents to grow up and finish college. The assumption is that you won’t need such a big safety net later in life. On the downside, term life has limited coverage. If you still need coverage past your 60s, you may need to purchase a new policy. 

In general, term life is less expensive than whole life insurance. 

What Is Whole Life Insurance?

Whole life is also called permanent life insurance. If you keep paying the premiums, it remains in effect indefinitely. So, you won’t lose your safety net as you age. There are more components to consider with whole life insurance. For example, your policy has a cash value, giving it an investment component.

Part of your monthly premium goes to a savings account. The tax-free account grows in value. How much money gets put aside depends on your individual policy. Work with your insurance agent to determine the policy that best meets your goals.

Here’s what you can do with this cash value:

  • Pay for your life insurance
  • Use it as a retirement fund
  • Borrow money against it

Combining your insurance and investment forces you to save money. If you aren’t good with money management, this could help you build a nest egg for future needs. Some whole life policies pay dividends as well.

If you have a complicated financial situation, this money could pay the estate tax, freeing up the estate for your beneficiaries. 

Compared to term life, whole life insurance has much higher premiums.

Contact Us Today

If you’re looking for life insurance in Atlanta, GA or around the state, contact Rob Hill Insurance Group today. We can set up an appointment to discuss whole and term life insurance as well as your other insurance needs.