Being informed about life insurance is important. The more informed you are, the better your decisions for yourself and your family will be when it comes to choosing the right life insurance policy. Rob Hill Insurance Group, serving the greater Atlanta, GA is happy to help build your awareness around this vital coverage.
The following are three things that you might not yet be aware of when it comes to life insurance:
You can borrow against the value of some types of life insurance policy
Cash loans are one possible feature of certain whole or universal life insurance policies. If your life insurance policy has a cash value component, you may be able to withdraw funds from your policy. This really comes in handy when you have some extra expenses that come up.
A policyholder may be expected to repay money that is borrowed from his or her policy. Alternatively, the borrowed funds can simply be taken out of the death benefit of the policy if the policyholder passes away.
You may be able to take out life insurance without a medical exam
Many life insurance providers require customers to take a medical exam before they can take out a policy. However, medical exams are not always necessary.
If you are worried that you will be refused life insurance coverage because of a medical condition, you should look into the possibility of taking out a no-medical exam life insurance policy.
The beneficiaries of a life insurance policy don’t have to pay taxes on a death benefit
Beneficiaries on a life insurance policy receive the death benefit amount if the policyholder passes away. Fortunately, beneficiaries don’t need to pay any taxes on the death benefit. Beneficiaries can use the full death benefit amount for any expenses that they choose.
Contact Us Today
Get in touch with us at Rob Hill Insurance Group if you have questions about life insurance. We can offer life insurance policy quotes to consumers in Atlanta, GA. Call or email us to learn more.