3540 Concord Rd
Aston, pa 19014
Even though it can be used for many things, the main reasons to get life insurance is to protect family members financially, so your dependents are taken care of after you die. There are different types of policies in Aston, PA. An agent at Fulginiti Insurance can help you determine which policy is the right fit for you. The most common forms of life insurance are term life insurance and whole life insurance. Term life insurance is only for a specified period. Once the term ends, you may renew the policy. Permanent life insurance is designed to cover the policyholder for his or her entire life unless the policy is canceled.
Life insurance in the state is regulated under Title 40 of the state statutes. There are certain rights that policyholders have. The free look period is ten days. This is a period when policyholders can consider the details of the policy and decide if the policy is right for them. During this period, insurance companies will need to refund the policy if requested. It is illegal to charge any fees or penalties during this period. The grace period is 30 days long. If you miss a payment, then the grace period begins. If the policyholder passes during this time, then the insurance company will still need to pay out. Once payment is made, the insurance company restores the policy to good standing. If another payment is missed, then a new grace period will start.
Since policyholders aren’t able to control how financially responsible their insurance company is, there is a certain level of benefits that are guaranteed by the state. This is not an unlimited amount, and there will be maxed limits. Any insurance claim that is not paid promptly can cause the insurance to owe interest in addition to the stated benefits. The period where interest begins accruing will depend on the policy.
Contact Fulginiti Insurance, serving Aston, PA, to get a quote on life insurance.