Can I Customize My Life Insurance Coverage?

Life insurance is one of the most important safeguards you can have in place for your family’s future. There are many different ways to use the lump sum payment provided by life insurance coverage, like:

  • leaving an inheritance for your loved ones
  • as protection against loss of income
  • as protection for your child’s education
  • help your family maintain their current standard of living

Whatever you hope to get out of your life insurance coverage, there is a plan out there for you. Because here’s the thing: life insurance policies are as custom and unique as the individuals and families they cover.

Life insurance is coverage that you can customize completely; you can tailor-make a policy that will best serve you and your loved ones in the years to come. This is coverage you can shape to your liking, in many different ways, and it’s far more flexible and accessible than many people think. It is important to understand your options and figure out how much and what kind of life insurance is right for you.

How can you customize your life insurance policy? It all comes down to your unique wants and needs:

How much do you want to pay per month?

Life insurance premiums can be fairly flexible, depending on how much you want to pay per month. Whether you’re looking for a policy that won’t break the bank, or you’re ready to pay top dollar for the highest possible level of coverage, there are options out there for every price point and lifestyle, often with the freedom to modify your premium or even get back some of your payments as time goes on.

What kind of coverage do you need?

How much coverage do you need? There are plans out there offering different levels of payouts, different benefit structures, and different policy options, all depending on your unique preferences, budget, and family circumstances. When it comes to life insurance coverage, everyone’s wants and needs will be unique. For instance, some may prefer a policy that accrues cash value over time; others may be more determined to enroll in a policy with guaranteed acceptance, which means that no medical exam is required. Bottom line? You have options, whatever you’re looking for.

How long do you want your policy to last?

Broadly speaking, there are two major types of life insurance policies: whole life and term life. With whole life, your policy will continue to cover you for as long as you live, as long as you stay current on premiums and wish to continue the service. With term life, your policy will offer you coverage for a set window of time. Even here, you can personalize your plan. There are many different types of term life policies, offering coverage for anywhere from five to ten to thirty years.

Who do you want to receive your benefits?

With life insurance, you have the ability to choose the beneficiary (or beneficiaries) who will receive payouts in the event of your death. When you enroll in a policy, you typically choose a beneficiary. As time goes on, you can generally change your beneficiaries, or customize how and when payouts from your policy will be disbursed.

What extra provisions do you want to take into account?

Once you’ve chosen a policy, there are still additional ways to customize your life insurance coverage. Most insurance carriers offer riders for additional benefits. Sometimes these riders are included in a policy; in other cases, you can pick and choose riders at a reasonable additional cost. There are many different options, including:

  • Accelerated Death Benefit Rider. This is an option that allows you to access some or all of your benefits if you become terminally ill, and need money to supplement loss of income or cover medical expenses. This is sometimes also known as a living benefits rider.
  • Term Conversion Options. Under certain circumstances, you can convert a term life insurance policy into a whole life policy, without having to undergo a new medical exam or attain a new rate.
  • Accidental Death Benefit Rider. This rider allows you to increase the death benefit payout on your policy if you experience an accident or injury.
  • Child Insurance Benefit Riders. There are riders that allow you to add insurance benefits for your child onto your existing plan. In other cases, you can add other additional insureds to your policy, such as a spouse.
  • Waiver of Premium Rider. Though not everyone will qualify for this rider, it can offer enormous benefits in the event that you suffer an injury or become disabled. Namely, with this rider in place, your insurance will stay in effect, even if you become disabled and are unable to pay premiums.
  • Return of Premium Rider. With this rider, the insurer agrees to return all premiums that you pay as a policyholder if you survive the term of the policy. In other words, if you outlive the term of your policy, your insurance carrier pays you back all of the premiums that you have paid. For example, if you buy a 50-year policy at age 25, but you’ve just turned 76, you can begin to receive the payments from your premiums.

There are many more options out there. Finding the policy riders and options that work for you may come down to factors like where you live, which carrier you purchase your insurance from, and your overall level of health.

Do you want someone who’s always there to help?

Life insurance is an important protection to have in place. It’s a key way to take care of your family, and it’s often more flexible, and more affordable, than many people think.

But it can still be daunting wading into the waters of life insurance on your own. That’s where Matt Peebles and the Enrollment Specialists would love to step in and help.

Matt is one of the top health and life insurance consultants in the nation, with hundreds of satisfied clients from all around the country.

Matt has an in-depth understanding of how life insurance works—and how you can make it work best for yourself and your family. He’s here to help you create the policy that meets your needs, and all at absolutely no cost to you.

As your life insurance consultant, Matt will sit down with you and get to know what makes your situation unique. Matt doesn’t believe in cookie-cutter care, and he’ll use every tool at his disposal to help you customize the life insurance policy that will truly work for you, making sure your costs are always at a minimum, while your coverage is at its peak.

Even better? With Matt, you will always be able to proudly say, “I Got A Guy” for all things health and life insurance. Whenever you have any questions or concerns about your coverage, for the entire life of your policy, Matt will always be here and ready to help—no need to deal with frustrating call centers or unhelpful online chat rooms. And remember, it will never cost you a cent to take advantage of Matt’s services.

Ready to take a major step toward safeguarding your family’s dreams for the future? Whether you’re just starting out with life insurance, or you feel it’s time to take a fresh look at your current policy, don’t hesitate to drop us a line today to get the conversation started.

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