A Quick Look at What Lifestyle Insurance Entails

A Quick Look at What Lifestyle Insurance Entails - image


We are all aware that life can sometimes presented us with unforeseen challenges. While it is nearly impossible to entirely avoid such circumstances, the fact of the matter is that there are still a number of ways to prepare in advance. One excellent method involves purchasing an additional level of protection thanks to a lifestyle insurance package. The chances are high that you have not heard of this variant in the past, so it is a good idea to take a look at what such bundles entail as well as a handful of some of their primary benefits.


What is Lifestyle Insurance?

The main intention behind lifestyle insurance is to provide you with a financial "buffer" in the event that things do not go as planned. For instance, what options would you have if you were unable to work as the result of an accident or an injury? In the event that you suddenly pass away, would your loved ones be provided with the protection that they deserve? These are two of the primary functions associated with lifestyle insurance. Simply stated, such plans are meant to provide you with a peace of mind in knowing that you are covered for other situations that might not be included within a standard life insurance policy.


What are Some of the Key Features Included Within a Lifestyle Insurance Package?

As mentioned previously, you will be provided with a steady source of income (usually a percentage of your normal wages) if you happen to be unable to work due to an injury. However, there are many other addenda included within these plans. One example can be seen in the ability to receive benefits if you become involuntarily unemployed. Keep in mind that such benefits are normally set for a specific period of time. Once this window expires, you will have to apply once again. A handful of other clauses which might be present within a lifestyle insurance bundle include:

  • Death benefits
  • The ability to waive your benefits if you have filed a claim
  • Policies can be renewed automatically on an annual basis
  • It is normally possible to cancel the policy within a specific period of time (sometimes known as the "cooling off" period


What Should You Take Into Account?

It is first important to assess whether or not you can include this policy as an accessory to your current life insurance. If not, always compare and contrast different providers. Try to select three which appear to offer the most comprehensive services. You will then need to carefully read their associated product disclosure statements in order to better understand what is not covered and whether any hidden fees will need to be paid. On a final note, always choose a firm which offers numerous points of contact in the event that a claim needs to be filed. It is critical that you are provided with immediate access to a representative.