Having the right life insurance is pivotal in planning for the future of you and your loved ones. Life insurance can help you fulfill promises you’ve made your family when you are gone. Don’t leave the future of you and your loved ones to chance.
Oyer, Macoviak and Associates can help you find the right life insurance coverage for you and help ensure that your policy continually meets your needs.
Frequently Asked Questions about Life Insurance
Life insurance is a contract between you and a life insurer, which pays out a sum of money if something happens to you.
A common reason for having life insurance is to ensure your dependents (spouse or children) are provided for financially after you die. Life insurers will typically pay out lump sums or monthly installments over time, depending on the circumstances.
Income protection replaces your income if you can't work because of illness, injury, or pregnancy. Like life insurance, there are two main types: term and permanent (or disability). For example, a term policy will pay you an income for up to a set period if you fall ill or become injured.
There are a few main types: loose term, attached life and whole of life. There's also an option called temporary income protection which will pay out for a certain period only (often 12 months). The choice you make depends on your circumstances, including how much cover you need, the length of time you want to cover and what your budget is.
This depends on several factors, such as age and life expectancy; whether you have dependents; and your financial commitments (mortgage payments, children's education etc). It's also a good idea to factor in funeral costs. In some cases, your life insurer might require you to take out other types of insurance cover before they will issue you with a life policy.
You will normally nominate a beneficiary or beneficiaries, sometimes more than one. You can choose anyone you like, such as your children or a friend. You'll also need to give some thought into how the proceeds should be paid out. For example, if you nominated your spouse as the beneficiary, they will get the lump sum payment (rather than monthly installments). This might affect their lifestyle but could be more useful in some circumstances.
Yes. And as well as the usual reasons (if you have had a recent health or lifestyle change, for example), there are some things that may make it difficult to get cover. If you've declared bankruptcy or made an insurance claim in the last five years; if you haven't been paying off your mortgage and your lender has told you, they'll repossess the property; or if you've been convicted of a criminal offence and are waiting for your sentence to be decided.
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LIFE CHANGES-SO SHOULD YOUR LIFE INSURANCE POLICY
For each of our neighbors in Florida, the right life insurance will be unique for you and dependent on your personal and financial needs. As your life changes, your life insurance coverage may need to change in order to adapt to your current needs. Some life transformations that may require a policy “tune-up” and our help at Oyer, Macoviak and Associates include:
* You recently married or divorced
* You have a new child or grandchild
* You have opened or expanded a business
* Your health or your spouse’s health has deteriorated
* You are providing care or financial assistance to a parent
* Your child or grandchild requires assistance or long-term care
* You recently purchased a new home
* You are planning for a child or grandchild’s education
* You have refinanced your home mortgage in the past six months
So, what type of life insurance is best for you (Term, Universal Life, Whole Life)? Talk with the team at Oyer, Macoviak and Associates today at: 561-732-9305, and we can assist in identifying the best protection for you and your family.