Skip to content
Click to Call
Bacon Insurance Group

3711 Westerre Pkwy, Suite D
Richmond, VA 23233

Get Directions

Five Surprising Things You Should Know About Life Insurance

Here at Bacon Insurance Group in Richmond, VA, there are a few little-known benefits of life insurance that we’ll reveal here.

1. Taxes Don’t Need to Be Paid on the Benefit Amount

The IRS generally doesn’t require beneficiaries to report these benefits as part of their gross income. However, in some situations, it can be considered taxable. Ask your agent or tax consultant about your circumstances.

2. Some Polices Allow for Cash Withdrawals

Whole and universal life insurance allows for withdrawals to be made to borrow against the policy. Some also allow one to get a loan against them, which can come in handy to cover unexpected costs. Keep in mind that both options will reduce your death benefits unless the funds are repaid.

3. Medical Exams Aren’t Always Required to Buy Life Insurance

Many individuals believe that their health issues will prevent them from obtaining a life insurance policy. Several companies require no medical exams whatsoever for guaranteed and simplified issue insurance. Group life insurance through an employer may also not require health exams.

4. You May Already Have Life Insurance and Not Know It

Many employers offer their staff a baseline life insurance policy as an incentive. It may be bundled along with dental, medical, and vision plans. However, it may not be enough, making a supplemental policy necessary.

5. They Come With a Premium Wave-Off Option

You have to make payments on premiums over the tenure of the policy. However, if the policyholder becomes permanently disabled, a rider goes into effect, which sometimes allows premiums to be waived. Contact your provider to see if you qualify for this benefit.

If you want to protect your family’s financial situation after your passing, contact Bacon Insurance Group Richmond, VA, for a custom quote today.

  • Anthem
  • Cigna
  • Donegal Insurance
  • Erie Insurance Group
  • Guard Insurance
  • Mercury Insurance
  • National General Insurance
  • Progressive Insurance
  • Travelers Insurance
  • United Healthkeepers

Servicing States

  • Virginia
  • North Carolina
  • Maryland


quote-icon Comparing Quotes - Made Simple

Compare your unique insurance quotes
online via our comparative quoting form.

Get Started Today!

Get A Quote!