Contact Us: ​(855) 963-6900
Lapeira & Associates LLC
  • Home
  • Quotes
    • Medicare Advantage Plan Quote
    • Life & Financial Quotes >
      • Life Insurance Quote
      • Annuity Quotes
      • Final Expense Insurance Quote
    • Obamacare Insurance Quote
  • Service
    • Policy Review
    • Update Contact Info
    • Policy Changes
    • Contact My Carrier
    • Online Documents
    • Free Consultation
  • About
    • Staff Directory
    • Client Testimonials
    • Refer a Friend
    • Insurance Carriers
    • FAQs
    • Agency Photo Gallery
    • News
  • Blog
  • Contact
  • Home
  • Quotes
    • Medicare Advantage Plan Quote
    • Life & Financial Quotes >
      • Life Insurance Quote
      • Annuity Quotes
      • Final Expense Insurance Quote
    • Obamacare Insurance Quote
  • Service
    • Policy Review
    • Update Contact Info
    • Policy Changes
    • Contact My Carrier
    • Online Documents
    • Free Consultation
  • About
    • Staff Directory
    • Client Testimonials
    • Refer a Friend
    • Insurance Carriers
    • FAQs
    • Agency Photo Gallery
    • News
  • Blog
  • Contact

Lapeira & Associates LLC Blog

How To Clearly Understand Your Existing Life Insurance Policy

5/5/2022

0 Comments

 
Picture
​Many people struggle to comprehend their life insurance coverage. The issue with life insurance is that policies may be confusing. It feels great that you have bought life insurance. But before you sign it, spend a bit of time reviewing it. Here are some crucial phrases and sections of your insurance to read carefully.
Policy Terms and Definitions
Don't worry if you're overwhelmed by insurance jargon. The most prevalent terminology in your policy are:
  • Death benefit - the sum paid out if you perish.
  • Policy date - the day of issue or activation of the policy.
  • Premiums - the monthly or yearly fee to keep the insurance active.
  • Policy owner- the individual who applies for and pays the premiums.
  • Insured - the policy owner.
  • Beneficiary/Beneficiaries - the person(s) or organization(s) designated by the policyholder to collect the payout.

Cover Page
The cover page summarizes the life insurance plan. This highlights the policy's key points. It typically contains the policy owner's name, the insurance provider's name, the type of policy, and general coverage details.

Schedule of Benefits
This part, often known as a declaration page, contains the policy information. This section of the policy also details your policy. The information included are
  • The policy's owner.
  • The insured.
  • Beneficiary.
  • The policy type.
  • If appropriate, term duration.
  • Policy number.
  • Policy date.
  • Death benefit sum.
  • The policy's rate class.
  • Premiums and payments.
  • Policy riders.

Coverage Details
This portion of the policy outlines the plan's conditions, along with the policy's "regulations" and what it covers. It usually has:
  • A statement that lists the policy owner, insured, and beneficiaries.
  • Grace period details.
  • A schedule of payments shows costs and whether payments vary over time.
  • Reiteration of policy information if payments are late.
  • Process of making a claim.
  • Exclusions of the insurance, including non-payment of claims.
  • All coverage riders.

Conclusion
If you still don't know how to interpret your life insurance policy, specialists can help.

At Lapeira & Associates LLC, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (855) 963-6900. Get your free quote today by CLICKING HERE. The coverage discussed is not guaranteed. Please contact our agents to make sure you have adequate coverage and your needs are being met. We are happy to help!
0 Comments



Leave a Reply.

    Contact Us

    (855) 963-6900
    9956 Pines Blvd.
    Suite 2
    ​Pembroke Pines, FL 33024​
    Click Here to Email Us

    Archives

    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    November 2021

    Categories

    All
    ACA Health Plans Insurance
    FAQs
    Final Expense Insurance
    Financial
    Health Insurance
    Insurance
    Life Insurance
    Local
    Medicare Advantage Plans
    Medicare Supplement Insurance
    Obamacare Insurance
    Safety

    RSS Feed

Navigation

Homepage
Insurance Quotes
Policy Service
Insurance Products
Contact Us
Agent Login
​Disclaimer

Connect With Us

Share This Page

Contact Us

Lapeira & Associates LLC
9956 Pines Blvd.
Suite 2
​Pembroke Pines, FL 33024
(855) 963-6900
​Click Here to Email Us
Review Us

Location

Davie, FL - Old Davie School 02.jpg by Jrozwado | CC-BY-SA-4.0 | Website by InsuranceSplash