The laws in Buford, GA do not compel a person to purchase life insurance, but this tool is one way to help ensure your survivors are less impacted financially by your passing. Your knowledgeable Town & Country Insurance agent can help you further in discussing your options. It’s important to understand some of the more common life insurance terms when shopping for a policy that is right for you.
Common Life Insurance Terms
This refers to those whom you name on your policy to receive a payment upon your death. This can be any person you choose and does not have to be a blood relative. It can also be a charity, a trust you create, or an estate.
The death benefit is the agreed-upon amount of money that a beneficiary will receive when you pass away. Your account must be in good standing with premiums paid up to date.
This is an option to take the death benefit in the form of payment that is allocated in installments that occur over time and provides a predictable source of income.
A rating is an additional amount that is added to an otherwise standard policy because you are determined to be of greater risk than average. This can be due to health or because of a particularly hazardous occupation.
This is a provision of whole and universal life policies wherein the insured can borrow against the accumulated premiums. This amount will be subtracted from the death benefit if there is an outstanding balance when the borrower dies.
Town & Country Insurance is Here to Assist You
We specialize in providing individualized insurance products and services to meet your needs, and we invite you to reach out online or by phone to schedule an appointment. We serve clients in the Buford, GA area.