Life insurance is a contract between an individual ( the policyholder ) and an insurance company. In exchange for regular premium payments, the insurance company promises to pay out a death benefit to the policy beneficiaries upon the policyholders death.
Life insurance is a complex but vital financial tool that provides a financial safety net for your loved ones in the event of death. Here is a comprehensive guide covering everything you need to know about life insurance.
Beneficiaries are the individuals or entities who will receive the death benefit. You can name multiple beneficiaries and designate percentages for each.
Insurance companies in the U.S often use the medical information Bureau (MIB) to share underwriting information, ensuring accuracy and consistency in assessing risk.
We understand that your financial needs and goals are as unique as your fingerprint. With us, you can be rest assured that your family’s future is safeguarded, come what may.
Policy riders provide additional coverage, such as critical illness, disability, or accidental death.
They may be added for an extra cost.
When applying for life insurance, you'll go through an underwriting process, which assesses your health, lifestyle, and other factors to determine your premium rate.
We have an Application Form you can fill in your details.
Most policies have a two-year contestability period during which the insurer can investigate and deny a claim if the policyholder misrepresented information.
If you miss premium payments, your policy may lapse resulting in loss of coverage. Some policies have a grace period to catch up on payments.
Whole life, universal life, and variable life insurance policies have a cash value component that grows overtime. you can borrow or withdraw from this value, but it may affect the death benefit.
In many cases, life insurance proceeds are tax-free to beneficiaries.
some policies offer tax-deferred growth of the cash value.
It's essential to periodically review your life insurance coverage to ensure it still aligns with your financial goals and circumstances.
We understand that discussing mortality is not the most pleasant of conversations. However, it’s an undeniable facet of life, and the unfortunate truth is that it can sometimes occur unexpectedly and prematurely.
This is why Reup was established. we are astounded to realize the number of families without any financial safety net. As we delved deeper into the insurance industry, it became apparent that very few insurers were actively engaging with families on the significance of life insurance.
You might believe you’re too youthful, in excellent health, or simply too caught up in the whirlwind of life. But none of us can foresee what lies ahead. The sooner you take action, the more cost-effective it is likely to be. Delaying until the eleventh hour is not advisable.
Take the first step by clicking below to start.