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Everyone thinks about life insurance, but few people really understand all the important things it can provide. It is more than just the death benefit; it can be part of a lifetime financial plan. It offers protection to people of all ages. At Western Trail Insurance in Oshkosh, NE, we offer over 30 quality companies to our customers. We are dedicated to providing the best coverage at competitive prices. We are here to answer your questions, so you can make an educated decision.
Underwriting
When you apply for a life insurance policy, your application is sent to underwriting. Their job is to determine the risk you pose to the insurer. They will look at your health, your occupation, your medical history, and your family health history. The result of this process will determine if you get a policy and the premium.
Beneficiary
The beneficiary is the recipient of the death benefit of your policy. You can choose one person, multiple people or an organization.
Death benefit
The death benefit is the amount that will be paid tax-free to the beneficiary of your life insurance policy on your death. It is the face value of your policy.
Cash surrender value
The cash surrender amount is the amount you will be paid if you cash in your permanent life insurance policy. How long you have had the policy will determine what portion of the face value you will receive.
Contestability period
If you die within the first year or two after purchasing a life insurance policy, the insurer can refuse to pay the claim if they find any evidence of fraud.
Exclusions
Exclusions are reasons the insurer may refuse to pay the death benefit and include lying on your application, omitting information, or dying while committing an illegal activity.
Contact Western Trail Insurance in Oshkosh, NE with your life insurance questions.