In the course of an adult life, a person can purchase thousands of things, including groceries, cars, clothing, furniture, movies and even a home. Many of these purchases are simple transactions, while others involve completing lengthy applications and waiting for approvals. Additionally, some people always research every item before buying while others blindly sign applications in order to expedite the sale. One of the areas where we need to slow down and be well-informed consumers is in regards to life insurance coverage. Life insurance is more than just an application form we fill out – it's the assurance of financial peace for families and loved ones if disaster strikes. In today's blog post, we'll look at the three questions about life insurance that all life insurance policyholders and their survivors should be able to answer.

Will This Coverage Be Enough For Our Family?

This question is the single most important question that individuals and families should consider because of the long-term impact poor insurance coverage can have. It is crucial to complete a thorough life insurance analysis of current and future needs, especially for families with young children. Policyholders need to know that an unexpected death in the family will not put the surviving relatives into a severe financial crisis, and that insurance coverage will be sufficient to meet immediate and long-term needs and goals for the spouse and children. Future needs to consider include mortgage and living expenses, college tuition, wedding funds, health and dental needs, vehicles, and outstanding personal or business debts. The goal of life insurance is to make sure that survivors can not only move on, but can thrive without the hindrance of a financial crisis after the loss of a loved one.

What Does My Policy Cover?

Most life insurance policyholders don't spend much time contemplating this question, but there can be very specific life insurance exclusions that can be a devastating surprise if a covered family member dies. It is essential for life insurance consumers to carefully examine their current life insurance policy to understand exactly what is and is not covered by their policy, and to make changes if their current coverage will not fit their needs. Some life insurance policies pay out different benefits depending on the cause of death, such as an accident.  In addition, it can be helpful to note any additional living benefits available to policyholders, such as cash value options.

How Does My Family Claim Benefits?

When a loved one passes away, survivors are often too consumed with grief and planning memorial services to even consider life insurance policies, much less the paperwork and legal documents needed to process a claim. Before disaster strikes, it is very beneficial for families to discuss current life insurance policies, insurance company contact information, and the necessary steps to promptly file the claim. This proactive step can expedite the insurance claim process to help survivors when they need it most.

Life Insurance coverage shouldn't be a mystery to policyholders and their loved ones, but should bring peace of mind and financial security in a time of need. Aegis, a leading Houston-based insurance agency, offers customized life insurance coverage to meet you and your family's unique need, offering Whole, Term and Universal Life Insurance policies.  The friendly and knowledgeable agents of Aegis can help you analyze your family's current and future financial needs to ensure there is ample life insurance coverage in place to cover needs such as mortgage payments, medical expenses, college tuition, weddings and other important life events. Call Aegis today at 713-850-7622 for more information, or go online to request a free quote!