Life can be very unpredictable at times. Just when you thought you had everything under control, disaster strikes, and you are left with nothing. This is why having Bank of America Life and Disability Insurance can help you get back on your feet.
With years of experience in the industry, the Bank of America has developed a very comprehensive portfolio of products that meets all the needs of the American family. Whether you are a single individual, an entire family unit, or a business owner, there is always a product to cover your needs.
Check out how you can apply for the Bank of America Life and Disability Insurance and more in this article.
Peace of Mind for a Price with Bank of America Life Insurance
Bank of America Life Insurance is an insurance policy that provides coverage for a set period. It is designed to provide financial protection to a certain individual or a family and loved ones in the event of your death during the duration of the policy.
Many companies often offer the Bank of America Life Insurance to their employees as part of the package.
It is an affordable option for those who are looking for life insurance coverage, however, this is not an insurance that builds cash value over time. It does not provide financial protection while you're alive.
It does, however, provide assurance that your loved ones will be taken care of when you pass away.
Secure Your Family's Financial Future with Bank of America
Another insurance policy that is highly recommended for you to have is the Bank of America Disability Insurance. It is a voluntary insurance plan that provides coverage of financial protection to employees in the event of disability due to work-related injuries or illnesses.
The coverage depends on the position of the job, but many can thoroughly enjoy the benefits. These benefits include income replacement for those who are unable to work, waiver of premium payments during disability, and access to rehabilitative services toward a better quality of life.
You can choose between Short Term and Long Term Disability Insurance which gives you the flexibility that you need when it comes to coverage.
No Worries, Just Protection
Bank of America Life Insurance does not cover a lot, especially while you are alive and a functioning member of society as what was mentioned above.
There is no cash value to this policy and it is made to prepare your surviving loved ones for the financial burden of your passing. As for the Bank of America Disability Insurance, the coverage depends on the kind of plan you have signed up for.
Short Term policyholders can enjoy the benefits up to 26 weeks from the date of their disability after they have worked for the company for one year.
Meanwhile, Long Term policyholders can fully enjoy the benefits for an extended period due to a medical condition or accidental injury.
Discover Supplemental Coverage For Your Plans
Employees can also opt for supplemental coverage which increases the benefits they get from their chosen insurance policy. For those who want to avail of supplemental coverage for Life Insurance, a statement of health may be required by the company before they can approve such coverage.
Your compensation can increase dramatically once your supplemental coverage is approved. You can also enroll for supplemental coverage for Long Term Disability Insurance which adds more coverage of your benefits on top of the bank-provided coverage which can increase up to a maximum of $360,000.
Make sure you consult your tax advisor or accountant as you may be able to have some tax advantage when you purchase this supplemental coverage.
Unlock Financial Security with Bank of America Life and Disability Insurance
Having Bank of America Life and Disability Insurance has a lot of benefits. Even if you can't take advantage of the coverage, especially with Life Insurance, there is still that sense of protection for you and your family when you have both insurance policies.
This provides you with a wide range of options to protect you, your family, and your businesses from financial burdens due to unexpected events such as death and accidents that lead to severe injuries.
Life insurance can help provide financial protection as it helps pay off any outstanding debts as well as provide financial support to surviving family members.
Disability Insurance can help replace lost income and can even pay the cost of medical and living expenses associated with being disabled.
Learn How to Secure Your Future With Bank of America Life and Disability Insurance
Filing for a Bank of America Life and Disability Insurance is rather simple. You must decide which one you want to apply for or if you want both. Once you have decided, simply head over to your nearest Bank of America branch and ask for an application form.
You can also speak with a representative to learn more about the entire coverage of the plans. Most businesses already have their employees covered for such insurance during their employment, so let them handle the application process for you. Fill out the application form and provide information about yourself and any dependents that you have.
You'll need to declare any health conditions as well as your entire medical history. Submit the form and the bank will review it. If approved, you will be sent a notification through a message or a confirmation letter with instructions on how to pay your premiums and start the coverage.
Conclusion
Both insurance policies are great options for those who need to ensure their financial security in the event of an unexpected death, illness, or disability. With its helpful range of coverage options, it provides you with peace of mind knowing that you and your family are well taken care of. Make that choice and apply for both insurance policies today.
