life insurance

Insurance Policyholder Rights and Protections

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Making financial decisions can be challenging for anyone. Many people choose to protect their family’s financial future by purchasing a life insurance policy. At Commerce Insurance Agency, we are dedicated to providing insurance services and support to clients in the Commerce, GA area. We’ve been assisting clients like you since 2009 and are here to answer your questions about life insurance.

Policyholder Rights and Protections

When considering a life insurance policy, you may primarily think about its future value to your family. According to Legal Clarity, Georgia state laws provide rights and protections to insurance policyholders. For example, Georgia law allows you to utilize a 10-day “Free Look” period after purchasing an insurance policy. During this time, you can cancel your policy and receive a full refund.

Additionally, Georgia state laws prevent insurance companies from discriminating against clients based on race, national origin, or disability. When you purchase an insurance policy, your agent is required to explain all terms and conditions clearly. If you fail to pay your premium on time, the insurance company cannot automatically cancel your policy. Instead, they must notify you in writing before canceling your coverage.

Call Us Today for Your Appointment

While you may have many current financial priorities, it’s important not to overlook the financial needs your family would face if you were to pass away. At Commerce Insurance Agency, we are locally owned and operated, and clients in the Commerce, GA area have relied on us for over 20 years. Give us a call today to schedule an appointment and learn how life insurance can help protect your family’s future.

Does a Child Need Life Insurance?

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Life insurance is crucial for protecting a family if the primary wage earner suddenly passes away. The coverage assists with navigating through the struggles of losing a loved one. Today’s latest life insurance trend reflects the importance of policy benefits as parents choose to get life insurance for their children. Commerce Insurance Agency of Commerce, GA can provide information that aligns with your coverage needs.

The Coverage Provided by Child Life Insurance

A child life insurance policy functions similarly to an adult life insurance policy. The policy’s beneficiary does receive the benefits if the child passes away unexpectedly. Usually, the beneficiary is the parents, siblings, or grandparents. It is best to create a separate life insurance policy for your child so that they can take full advantage of the benefits provided. However, most agreements have a cap limit for the policyholder being no older than 17 years old before the life insurance policy transitions into an adult life insurance policy. Once your child becomes 18 years old, they take control as the policy’s sole decision-maker.

Child Life Insurance Could Become a Worthy Investment

Parents choose to create a life insurance policy as an investment in their child’s future. It will provide them with flexibility that has the potential to grow over time. The wording of the policy agreement covers them for their entire life. Your child could borrow or make a withdrawal against the value of the life insurance policy to pay college tuition, make a down payment on a home, or begin a new business venture.

If you have further questions about child life insurance, contact the staff at Commerce Insurance Agency of Commerce, GA. They have the experience to ease your concerns with knowledgeable answers that provide information to help you make a quality decision. Call and schedule an appointment today.

Understanding the Pros and Cons of Term Life Insurance

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Life insurance provides your immediate family with the financial assistance needed to cover funeral expenses and large bills such as college tuition and mortgage payments. However, not all policies are equal. Term life insurance, which is popular due to its relatively low price tag, has both advantages and disadvantages. Commerce, GA residents will want to carefully consider this type of policy’s pros and cons to make an informed decision.

How Does Term Life Insurance Work?

When you purchase term life insurance, you choose the length of the policy, be it ten years, twenty years, or thirty years. If you die before the policy ends, your beneficiaries will receive a payout. If your policy expires before your demise, you get nothing.

Term life insurance is ideal if you need affordable coverage that offers protection for specific expenses. However, it’s less than ideal if you want to build a nest egg. While more expensive than term coverage, whole life insurance builds cash value that you can access while you’re still alive. What’s more, if you purchase whole life insurance, you don’t have to worry about renewing your policy at a later date. On the other hand, if you decide to renew term life insurance once it expires, your premiums will go up. This is especially true if you’ve developed a medical condition since the time you originally purchased your term insurance policy.

Get Life Insurance Help from Commerce Insurance Agency in Commerce, GA

Purchasing life insurance is an ideal way to protect your family from financial ruin. At Commerce Insurance Agency, we offer personalized advice and assistance to help each client review policy options and pick the policy that’s the best fit for their personal situation. Contact us to learn more about our policy options or to get a life insurance policy quote.