How Long Does a Policy Take to Become Effective?
Once you’ve purchased your policy, there may be a waiting period before coverage kicks in. This can vary depending on your health and circumstances, but it’s typically between 30 and 90 days. Read through your policy to make sure you understand when you can expect to have coverage begin (your agent will likely be able to provide an estimate), as well as what types of conditions could lead to a delay or denial of benefits.
How Do I Buy Additional Coverage?
If you want to add additional coverage, it’s important to make sure you’re in a financial position to do so. Find out how much life insurance coverage you already have, and if you need more, calculate how much that would cost based on your income and expenses. If you still need more coverage, look into policies with higher deductibles. You can also consider cheaper forms of life insurance like term instead of whole life or variable life policies that may be cheaper than a traditional whole-life policy.
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