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Compare Life Insurance Rates in Arizona from dozens of top-rated life insurance companies

How does Life Insurance work?

Life insurance is a contract between you (the policyholder) and an life insurance company

The policyholder pays premiums to the life insurance company in exchange for a death benefit that will be paid out to a beneficiary (or beneficiaries) when the insured person passes away.  Here’s how life insurance generally works:

Choose a Life Insurance Policy: When you buy life insurance, you select the type of coverage and the amount of coverage you need.

There are different types of life insurance: 

• Term Life Insurance:  Term Life Insurance provides coverage for a set term (e.g., 10, 20, or 30 years).  If you pass away during that time, the insurance company pays the death benefit.  If you outlive the term, there is no payout.
• Whole Life Insurance:  Whole Life Insurance provides coverage for your entire life as long as premiums are paid.  It also has a cash value component, which grows over time and can be borrowed against.
• Universal Life Insurance:  Unviersal Life is a more flexible type of permanent insurance that allows you to adjust your premiums and death benefit over time.

How Life Insurance Works:

• Pay Premiums:  The policyholder makes regular payments (monthly, quarterly, or annually) to keep the life insurance active. Premium amounts vary based on factors like the type of life insurance, coverage amount, your age, health, and lifestyle.
• Beneficiary Designation:  You designate one or more beneficiaries (usually family members or loved ones) who will receive the death benefit when you or the insured passes away.  It’s important to keep this information up to date.
• Claim Process:  When the insured person passes away, the beneficiaries file a claim with the life insurance company.  They typically need to submit a death certificate and other documents.  The insurer then evaluates the claim, and if everything is in order, the death benefit is paid out.
• Payout:  The payout from life insurance company can be used by beneficiaries for any purpose, like covering funeral costs, paying off debts, or supporting living expenses.

Key Points:

• Premiums vs. Coverage:  The amount you pay for life insurance depends on the type of policy, coverage amount, and risk factors like your age, health, and occupation.
• Term vs. Permanent:  Term life insurance provides temporary coverage, while permanent life insurance (whole or universal) provides lifelong protection and may accumulate cash value.
• Tax Benefits:  Generally, the death benefit from a life insurance policy is not taxable for beneficiaries.

Do I need Life Insurance?

If there is anyone who depends on you financially or would take on a cost if you were to die, then you need life insurance.  Many of us think of spouses or children when it comes to life insurance beneficiaries, but even single people with no children have final expenses that would need to be addressed.  Another important consideration, you may eventually have a family or dependents and may have difficulty qualifying or affording life insurance coverage due to your health or age.  You always want to plan ahead.

Do I need to buy Life Insurance if I have it through my Employer?

Yes, you definitely should consider purchasing insurance on your own and not rely on group life insurance through an employer.

The Life Insurance Coverage at work is tied to your job and not portable. This means if you leave your job, you may not be able to take the life insurance policy with you.  Some group life insurance policies might be able to convert to an individual life insurance policy, but the price could go up significantly.  Not many group life insurance policies offer this continuation of insurance.  You should strongly consider purchasing your own individual life insurance policy.

Arizona Insurance Agency offers personal and business insurance from top-rated insurance companies

At Greene Insurance Group, our family has been dedicated to safeguarding families and businesses with comprehensive insurance solutions for over 63 years.  As an locally-owned Arizona Independent Insurance Agent,  We offer insurance from top-rated insurance companies.  Save yourself the time and hassles of shopping for insurance and know our team at Greene Insurance Group is here to assist you with all your insurance needs.  The Licensed Insurance Professionals at Greene Insurance will review your present insurance coverage and suggest the best insurance coverage protection at the most competitive prices.  Let Greene Insurance Group of Arizona provide you with the peace of mind you deserve, knowing your personal and business insurance needs are protected by our trusted and licensed insurance professionals.

We provide best in class service to our clients

At Greene Insurance, We promise the best in customer service and we’re ready to provide the best in personalized service. We live here in Arizona, work in local offices, answer our phones, return calls and emails and we are here to serve you!  You can depend on the Professionals at Greene Insurance Group.

Greene Insurance Group is an Arizona Insurance Agent serving these communities:

Scottsdale, Phoenix, Paradise Valley, Fountain Hills, Cave Creek, Carefree, Anthem, Chandler, Gilbert, Queen Creek, San Tan Valley, Catalina Foothills, Marana, Oro Valley, Ahwatukee, Goodyear, Verrado, Litchfield Park, Surprise, Peoria, Prescott, Prescott Valley, Sedona, Flagstaff and surrounding areas.  Call or click for free Arizona Insurance Quotes.