Life Insurance in Marietta, GA
Life insurance can be essential to help ensure the financial stability of individuals and their families. If the policyholder passes away, it can provide a replacement for lost income, pay off any outstanding debts and address other financial needs of the beneficiaries.
What Are the Different Types of Life Insurance?
The following are the two most prevalent types of life insurance policies:
- Term life insurance—This policy pays out a death benefit only if the insured passes away during the policy term. It’s generally more affordable but is limited to a specific duration, typically between 10 and 30 years.
- Permanent life insurance—This policy pays a death benefit regardless of when the insured dies as long as the policyholder continues to make payments. It often includes a cash value component that can be accessed or borrowed against.
How Much Does Life Insurance Cost?
The following factors can influence the cost of life insurance:
- Age
- Current health and medical history
- Lifestyle
- Policy type
- Coverage amount
- Occupation
Can You Get Life Insurance Without a Social Security Number?
A person may be able to get life insurance without a Social Security number (SSN), although options may be more limited. Many insurers accept an individual taxpayer identification number (ITIN) instead, which non-U.S. citizens often use for tax purposes. Foreign nationals with business ties to the United States may also be able to obtain life insurance with a valid business visa and an ITIN.
Additionally, some carriers offer policies to undocumented individuals living in the United States if they have an ITIN and meet other criteria. For U.S. citizens without an SSN due to religious or political beliefs, there are still some options available, although they may be more restricted.
Where to Buy Life Insurance
Contact Cadenas Insurance Agency to discuss your life insurance options.