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Losing a loved one can be devastating emotionally and financially for their survivors, yet it’s crucial that they consider how their death will impact their finances in the future. Life insurance provides relief by paying a lump sum known as a death benefit directly to policy beneficiaries after death – this money can then be used for funeral costs, debt payments and other costs associated with burial. Depending on your personal situation and needs, life insurance is usually sufficient enough to cover daily bills and outstanding debt as well as final expenses and final arrangements.

There are two basic types of life insurance coverage: term and whole life. Term life policies provide coverage for an agreed upon term (usually 10-30 years), whereas whole life (also referred to as permanent) life policies provide lifetime protection with some offering additional cash value build-up that may be withdrawn or added to the death benefit payment upon death.

Both forms of life insurance can be found through independent agents, online resources and some employers; the process varies for each policy type. In general for most policies you will be required to submit an application with health information and urine sample submission as well as undergo medical exams in order to secure coverage and then your premiums could increase or decrease over time depending on factors like age, sex status, smoking status, family history of certain diseases as well as driving record and dangerous hobbies or occupations – among others.

Once you have a life insurance policy in place, it’s essential that you regularly review your beneficiary selections. While changing them via submitting forms can be easy enough, often speaking with an adviser is best to ensure you make an appropriate choice for yourself and your loved ones.

Once everdaylifeinsurance.com pass away, life insurance companies require appropriate proof of death before disbursing death benefits to your beneficiaries. To expedite matters quickly and start receiving their benefits as quickly as possible, contact them quickly with your request for a claim form and request one as soon as possible.

Claim submission typically can be completed within a week if all required documentation is submitted, including certified copies of your death certificate and any supporting evidence.

Some life insurance policies feature riders, which are add-on features that you can add at an additional cost. You could add waiver of premium to a permanent life policy in case of disability, use some of your death benefit for chronic illnesses or purchase additional coverage for children under 18. To find out how to customize your life plan more fully, speak to a MetLife agent about customization strategies.