Everything you need to Know About Life Insurance 101
This instructional exercise is partitioned into nine sections which cover different parts of disaster protection. The following is a fast rundown of the sections and a connection to every one.
- Part 1 — SGLI. Provides information about the Servicemembers Group Life Insurance plan which is available to active duty and reserve servicemembers.
- Part 2 — Term and Permanent. Discusses the features of these two types of life insurance with advantages of each.
- Part 3 — Term Life Insurance. Discusses the basic concepts of term insurance which can provide economical protection for temporary needs.
- Part 4 — Permanent Life Insurance. Commonly known as “whole Life”, this Chapter covers this type of coverage that has both living and death benefits.
- Part 5 — Underwriting. Discusses the process by which you qualify for life insurance, including medical and family history and physical exams.
- Part 6 — Key Policy Features. Discusses the common terms and provisions found in a typical life insurance policy.
- Part 7 — Riders and Options. Discusses the common options that can be added to a life insurance policy, often for an additional cost.
- Part 8 — Settlement Options. Discusses the common options that survivors can choose to settle a death claim, including a lump sum and life income options.
- Part 9 — Final Thoughts. A few things to think about when planning for your life insurance needs.
Life insurance is one of the most important, least understood, and frequently neglected aspects of our overall family financial plan. Like anything, the more one understands about a subject, the more comfortable with it they become. The purpose of Life Insurance 101 is to provide you with some basic information about life insurance so that you can feel more confident in providing this important coverage for yourself and your family.