Life insurance can help provide money for your family after death. These benefits can be used for funeral costs and replacement of income. Death benefits can be income tax-free to the beneficiary and can sometimes be state tax-free if the policy is owned properly. Some policies allow cash to accumulate over the life of the policy and the cash can be taken out before death for some certain circumstances. There are different types of life insurance to benefit you in different stages of your life. An agent at IRM insurance can help you determine which policy suits you. Getting insurance at a younger age may help you receive lower premiums and certain illnesses in the future could prevent you from getting a policy.
There are some rules and regulations in Tennessee you should be aware of in the state when purchasing life insurance. There is a free look period where you have 10 days to decide if the policy is for you and you want to keep it. If you want to return the policy, you can do so for a full refund without any penalties or fees. This doesn’t disqualify you from getting a policy in the future. The grace period for a missed premium payment is 30 days. This means that if you miss a payment, insurance remains in effect for 30 days even if the missed payment is not made up. If you make up the missed payment, then your policy will continue to be active and any future missed payments will allow for a new grace period to begin. There isn’t a limit to the number of grace periods. There is a guaranteed death benefit and cash value in case an insurance company becomes insolvent and can’t make payments. The maximum amount is $300,000 for missed death benefit payments and $100,000 for lost cash surrender value.