Category: Life Insurance

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!

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.   

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.