Boonswang Law knows the importance of having a solid life insurance policy to protect your family and your loved ones. There is nothing more tragic that the untimely death of a loved one. Moreover during the time following the passing of a loved one, nothing is more stressful than discovering that there is something wrong with the life insurance policy, that it might be delayed or worse that it might be denied. In the event that any of these happen, feel free to contact us at Boonswang Law so that we can help ensure a swift and prompt delivery of your life insurance claim.

It is truly important to know what the life insurance benefits of a policy are. This is especially easy to know before a person passes away, if their death is because of natural causes, or is known beforehand. Typical life insurance benefits include:

  • Whole Life – Whole life insurance offers lifetime coverage with guaranteed death benefits, regardless of how long a person lives. It also usually comes with a set rate, which may or may not be higher than a term life insurance policy or a variable rate life insurance policy.
  • Universal Life – Universal life insurance policy offers permanent insurance and has a cash value component; however it typically features limited growth and value to the life insurance benefits paid.
  • Variable Life – Variable life policies offer permanent protect and the allows the insured to invest the value of the policy in a wide range of options for potential growth, though it carry the risk of lost value during market swings. Also, variable life insurance policies are typically subject to insurance related charges, including mortality and expense charges, administrative fees, and potential other expenses.
  • Term Life – Perhaps the most common and simplest of form of life insurance claim, it offers coverage for a limited period of time with a variable rate that increases the more likely a person is to pass according to an actuarial chart. There is no investment or increased value to the policy and typically features a one-time cash out.

Knowing the different types of life insurance benefits policies are important in securing the best future for your family and loved ones. Be sure to contact at Boonswang law to learn what we can do to help.