Pennsylvania Life Insurance (QUOTES, COST & COVERAGE)
Get Pennsylvania life insurance quotes, cost & coverage fast. You need PA life insurance if you have people who would suffer financially if you were gone. It provides cash to your family after your death to pay the mortgage, food, car payments & other expenses of living.
Pennsylvania Life Insurance
The only two things that are certain are death and taxes. Pennsylvania life insurance is not a fun subject (neither are taxes). It’s not comfortable to talk about and it’s certainly not a process anyone is thrilled about. It is, however, a very important part of financial plan because it has a 100% of happening to you, me and anyone else on the planet.
Being a grown-up means you have to think about things like life insurance. No one wants to think about the fact that someday they will die, but it’s a fact of life so to speak. And you want to leave as little burden on your family as you possibly can in the event of your unexpected death.
What Does Pennsylvania Life Insurance Cover?
Life insurance is a way of helping your family deal financially when you die. It’s intended to provide financial help to your loved ones when your salary or income is gone.
The money (death benefit) can be used to pay: your funeral expense, pay off debts, pay the mortgage, fund your children’s education, cover everyday expenses and more.
When you start thinking about purchasing a PA life insurance policy, you should first look at your assets. Are you wealthy enough to help with the bills you leave behind? If you are, you might not need a large life insurance policy. The money you leave behind may be enough to cover funeral and burial expenses as well as other bills such as estate taxes. Do you have enough money to cover lost income should you become unable to work? If you don’t have enough to act as a supplemental income, you may want to purchase a larger life insurance policy.
What Types Pennsylvania Life Insurance Are There?
There are two main types of PA life insurance available, and some of them offer more ‘living benefits’, in addition to the payout upon the death of the insured.
- Term Insurance: Term life insurance is considered to be the most basic of life insurance available. Term lofe only offers death benefit protection – if you die during the policy term your beneficiaries get a payment.
- Permanent Insurance: This form of life insurance is different from term insurance because it offers in addition to offering a death benefit, it also offers cash value component that can be accessed during the insured’s life. The cash build up is not taxed under current law.
Term Life Insurance – Term is a temporary type of life insurance that covers you for a set period (term) of one or more years – typically 10, 20 or 30. It pays a death benefit only if you die during that term. Term insurance generally provides the largest amount of death protection per premium dollar.
Below are some of the most common forms of permanent insurance:
Whole Life Insurance – Whole Life a permanent type of life insurance that protects you for as long as you live as long as you pay the premiums. With the most common type, called straight life or ordinary life insurance, you pay the same premium for as long as you live. Whole life is used to extend the coverage past a certain term, and can also build a cash value tax free over time.
Universal Life Insurance – Universal Life is a newer, permanent and flexible type of life insurance policy where the premiums you pay, less expense charges, are deposited into a policy account that earns interest tax free. Charges for the insurance are deducted from the account.
Variable Universal Life Insurance – Similar to universal life this type of permanent insurance is flexible where the premiums you pay, less expense charges, are deposited into a policy account that invests in mutual funds or other investments. This means that the funds have the opportunity to grow more than some of the other types of permanent insurance, and it also means there is risk for losses in value if the stock market declines. Charges for the insurance are deducted from the account.
Survivorship Life Insurance – Survivorship Life covers two people (like husband and wife), and pays a death benefit at either the first death (first to die) or after both have passed away (last to die). Survivorship costs less than two individual permanent policies, so it can offer a larger death benefit for your beneficiaries.
Final Expense Life Insurance – Final Expense also know as ‘burial insurance’ is purchased by seniors to pay for high cost of PA funeral and other related expenses such as a headstone, burial, flowers, and memorial service, so their remaining family does not have to be burdened by the bills.
What Pennsylvania Life Insurance Doesn’t Cover
Life insurance typically will not pay the death benefit if the insured:
- Commits suicide. If the insured kills themselves. In some states there is something called a ‘suicide clause’, which means if the insured commits suicide within a certain time frame, the beneficiary would not get the death benefit.
- Commits Fraud. The insurance company is going to investigate the cause of death. They will look at the events that led to the death and compare them to the original application. If the insured smokes or has some other health issue, or skydives, cliff jumps etc. and did not disclose it on the original application they can deny the claim.
- Does illegal activities. If the insured dies while committing a crime or participating in any kind of illegal activity.
- Involved in Acts of War. If the insured dies in a war.
- Permanently moves outside the USA. If the insured moves to certain countries.
How Much Does Pennsylvania Life Insurance Cost?
How much does PA life insurance cost? The premiums vary depending on the company and their underwriting rules, and it depends on the type of policy an amount of coverage selected. Following are some of the main ‘personal risk factors’ that go into the price of a policy:
- Age – Life insurance gets more expensive as you get older. There is a saying, “The best time to buy life insurance is yesterday.”
- Non Smoker or Smoker – Smokers pay for life insurance.
- Health – Healthier people pay less. Overweight people, those with high blood pressure, high cholesterol and diseases like diabetes etc. will pay more.
- Gender – Women live longer than men and pay less because of that.
- Occupation – Accounts will pay less than people who build skyscrapers.
- Travel amp; Hobbies – If participate in extreme sports like skydiving or travel to dangerous parts of the world, you might pay more.
- Personal Risk Factors – These include your credit history, driving history and criminal history.
PA Life Insurance Quotes
Request a Pennsylvania Life Insurance quote in Allentown, Allison Park, Altoona, Baldwin, Bensalem, Bethel Park, Bethlehem, Bloomsburg, Carlisle, Chambersburg, Chester, Drexel Hill, Easton, Erie, Fullerton, Greensburg, Hanover, Harrisburg, Hazleton, Hermitage, Hershey, Horsham, Indiana, Johnstown, King of Prussia, Lancaster, Lansdale, Lebanon, Levittown, McKeesport, Monroeville, Murrysville, New Castle, Norristown, Philadelphia, Phoenixville, Pittsburgh, Pottstown, Pottsville, Reading, Scranton, State College, Upper Darby, West Chester, West Mifflin, Wilkes-Barre, Wilkinsburg, Williamsport, Willow Grove, York and all other cities in PA.
Pennsylvania Insurance Regulations
There are some regulations when it comes to Pennsylvania insurance that you should be aware of. We will be looking closely at both personal and commercial insurance within PA to find out what the regulations and limits are, so that whether you own a business or simply drive a car, you are able to get the insurance that is required by law. Understanding what the law requires the first step to making sure that you are compliant. Let's take a close look at these types of insurance.
PA Commercial Insurance
First, let's discuss business insurance. There are lots of different types of business insurance that you can get, but the most common one out there is what is called commercial liability or general liability insurance. This type of insurance protects you in case you are sued by someone who comes on your property and is injured or has their property damaged by something that happens on your premises. This may be something as simple as slipping on a wet floor or it might be a parking lot mishap the damages the vehicles there. However, this is not a mandatory type of insurance required by Pennsylvania law.
There are two types of insurance that are required in Pennsylvania however. These are pretty standard across most states. The first is Worker's Compensation insurance which is sort of like health insurance for anyone who is injured on the job. In addition, Pennsylvania requires that commercial vehicles that are actively being used in a business carry commercial auto insurance.
Pennsylvania Personal Insurance
You also need to know what the regulations are for personal insurance. The first type of insurance we will cover is auto insurance. In Pennsylvania, you are required to carry liability insurance for bodily injury of 15 000 USD per person and 30 000 USD per accident. In addition, property damage liability coverage is required at an amount of 00. You are also required to carry uninsured motorist coverage at 15 000 USD per person and 30 000 USD per accident as well as underinsurance motorist coverage at 15 000 USD per person and 30,000 USD per accident. Finally, Pennsylvania requires first party benefits medical payments coverage of 5000 USD. This is a great deal more than is required in most states.
There also some life insurance regulations that you will find under Title 40 of the state statutes. A free look period of 10 days is required for life insurance, there is a grace period on payments of 30 days and there is a guaranteed benefits and cash value law as well.
Different States Life Insurance
If you are looking for state specific Life Insurance quotes, costs and information: