The coverage provided by spouse voluntary life insurance is similar to that of an individual life insurance policy. In the event of your spouse’s death, the policy pays out a death benefit to the designated beneficiary. This benefit can be used by your spouse for various purposes, such as ...
Supplemental life insurance– also referred to as voluntary life insurance – is a type of policy that offers additional coverage on top of an existing one. It includes life insurance coverage for your child or spouse, additional coverage for your basic policy, burial insurance, and coverage for...
Universal life insurance policies provide flexibility - and a cash value portion.Getty Images If you have a spouse, children or other loved ones who depend on your income,life insurancecan be smart protection to have. With these policies, your beneficiaries receive a lump sum payment if you die...
When it comes to retirement, the role of life insurance may change. While the need for life insurance may diminish as you enter retirement, it can still serve multiple purposes. For instance, it can provide a financial safety net for your spouse or dependents, cover any outstanding debts, or...
Spouse life: This add-on puts a small amount of coverage on your spouse. It costs less than starting an individual policy, but the coverage is much less. Accidental death: Sometimes called double indemnity, this add-on doubles your death benefit if you die in an accident. Family income: ...
Life events often change the way you want to allocate your life insurance benefits. Here are some common reasons to consider updating your beneficiaries: Marriage or divorce:You may want to add or remove a spouse or partner as a beneficiary after a marriage or divorce. ...
There is no one-size-fits-all answer when it comes to life insurance. You may already even have a life insurance type chosen for you by a spouse, family member oremployer. But understanding the differences between whole and term can assist you in making the best choice for you and your ...
Group health plans, including plans from a spouse or parent Association health plans COBRA Healthcare sharing ministries Self-insured student health plans Short-term limited duration insurance TRICARE The integrated HRA Lastly, there’s the integrated HRA, or GCHRA. This HRA is available exclusively ...
These policies are also well-suited for people with growing families. They can maintain the coverage needed until, for example, their children reach adulthood and become self-sufficient. The term life benefit may be equally useful to an older surviving spouse. However, premiums for people who wai...
then perhaps add money for education. Include any outstanding mortgage and retirement needs for your spouse in your life insurance calculation—especially if the spouse earns significantly less or is a stay-at-home parent. Total what these costs would be over the next 16 or so years, add a ...