Short Term Life Insurance
Reader’s Question:
I have a group life insurance from my employer here in Nebraska but I’ll soon lose it because I will be laid off from my job. Until I find a new job, I will be out of life insurance coverage. Is there some kind of life insurance policy that I can get so that I will still be covered until the time I’m insured again with a new employer?
Leandro
Lincoln, NE
Until the time that you get life insurance again from a new employer once you lose your job in Nebraska, you can get short term life insurance. Short term life insurance plans don’t create cash value and they go on from a month to a year. Statistically, there is a very small risk of death particularly for young people. The factors of determining life insurance premiums for this type of plan are based on the death risk on a specific time frame, but life insurance providers do not consider people who want short term life insurance to be high risks. Therefore, short term life insurance plans are guaranteed issue life insurance plans which are not too costly.
Within half an hour, you can be able to obtain short term life insurance policy and you can also apply for it online. Also, there would be no medical tests nor you will be asked general health questions. A number of life insurance providers would ask for a short phone interview only to confirm your personal information. As with the other types of life insurance, the premiums can be paid monthly or even quarterly. Your life insurance policy will be in effect immediately and you will receive the physical policy via mail within two business days.
Short term life insurance policies have two types: one that covers death for whatever cause, excluding suicide, and accidental death plans that provides benefits if the policyholder dies in an accident as defined by the conditions of the policy.
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