At Bankers Fidelity, we want to make sure that all of our potential and current valued customers are aware of the product they are going to invest in. We know that when you call us, you are making the decision to protect you and your family from any potential problems that may arise in the future. In order to help with the process and make sure that you know you’re getting what you pay for, we provided a list of words that may be new for first time policyholders with their respective definitions.
At Bankers Fidelity, we want to make sure that all of our potential and current valued customers are aware of the product they are going to invest in. We know that when you call us, you are making the decision to protect you and your family from any potential problems that may arise in the future. In order to help with the process and make sure that you know you’re getting what you pay for, we provided a list of words that may be new for first time policyholders with their respective definitions.
Accidental Death Benefit
This is the main reason why a lot of people buy insurance policies. In the policy, the accidental death benefit and dismemberment (AD&D) is where should the person insured die in an accident, the insurance is given to cover costs.
Death Benefit
This detonates the amount of money and coverage benefit that will be paid in the case of the death of the person covered by the life-insurance policy.
Coverage
This is the amount which your insurance carrier covers. This is another section you want to pay close attention to because both the living and death benefits are listed in this area. If you have specific needs that need to be met, this is where you will be able to evaluate where your debts, medical and funeral expenses and dependents are taken care of.
Dependents
Your dependents are probably the most important reason why you decided to get life insurance. Whether it’s children, your spouse, your parents, or all the above, the dependents you list under this portion of the insurance is who will be covered in the case an accident happens.
Guaranteed Renewable
This is a term that is more frequently seen in term policies. It is an insurance policy feature that guarantees the insurance company to continue coverage as long as the premiums are paid on time. It is important to carefully look at the details, because although re-insurability is guaranteed, premiums can rise annually.
Living Benefits
This is the part of your policy that deems what you can receive from your life-insurance in the case of an emergency before a timely death. Situations in which you may be able to receive money from your policy includes terminal or catastrophic disease, long-term care or if you need to be permanently placed in a nursing home.
Premium
The premium is the amount you will pay for your policy for a specific amount of time, normally month to month.
If you have any questions, call the experts at Bankers Fidelity Life Insurance. For over 60 years, we have been industry innovators in giving people the protection they need for themselves and the ones they love most.
