Surprising life insurance facts.
For many people, the insurance industry is a bit of a mystery. One of the least understood types of insurance is life insurance. Because this form of coverage is so misunderstood, there are many popular misconceptions out there. To help you understand life insurance, here are some of the surprising things that you may not have known about this coverage.
- There are Different Types of Life Insurance
Many adults are surprised to learn that they actually have quite a few options when it comes time to choose a life insurance policy. In addition to the life insurance that you have through your employer, there are term, permanent, universal, variable, simplified issue, and a variety of other types of life insurance policies. With all these options out there, you are guaranteed to find the right coverage solution to meet all your needs.
- Life Insurance Doesn’t Just Benefit Your Family
While most people only think about life insurance in terms of helping their loved ones, your life insurance policy can actually do much more. For instance, you can also list business partners, charities, and other parties as beneficiaries on your policy. Thus, your life insurance can actually be used to keep your business afloat or give back to your community in the event of your unexpected death.
- Life Insurance Pays Out Quickly
Many people are surprised to learn that life insurance payouts actually have a very short turn-around time. This is because life insurance benefits do not get tangled up in complicated estate claims. Typically, life insurance payouts will be distributed within a few days to a week.
These are some of the surprising facts that you may not have known about life insurance. Want to learn more about this coverage? If so, then contact the experts at Pierce Insurance Group. Our dedicated team is eager to assist you with all your coverage needs today.