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Out of all of the types of accidents we could encounter, nothing compares to the loss of a family member. It's a tragedy that's hard hitting for any family to bare. This is why life insurance is the most important insurance policy you need. A Life Insurance policy can help pay off your mortgage, put your children through college, pay your final expenses or even provide years of financial safety for your loved ones.
Now is a great time to put our professional expertise to work for you with a free coverage quote or existing policy audit. You can purchase a policy at any age, however the younger you are the more affordable a life insurance policy will be, and the sooner you can rest assured with peace of mind coverage.
- Term Life
- Term insurance is designed to meet temporary needs and is typically the most affordable type of coverage. It provides protection for a specific period of time (the "term") and generally pays a benefit only if you die during the term. Most term policies have no other benefit provisions and once the term ends, you may not qualify for new coverage based on your health, age and other factors. This type of insurance often makes sense when you only have a need for coverage for a certain length of time, like paying off your mortgage,
- Whole Life
- Whole life insurance is also referred to as permanent insurance since it can provide lifelong protection. Unlike term insurance, it remains active as long as you pay the premiums. And it holds full face value as long as you do not borrow against it or make other types of withdrawals from it. Another benefit with permanent life insurance is that it accumulates cash value over time, so it becomes an asset to you and your family,
- Our friendly, professional insurance agents are here to discuss these two types of life insurance, along with the many variations within them. Get your free coverage quote today.
Who Needs Life Insurance?
Your need for life insurance varies with your age and responsibilities. It is a very important part of financial planning. There are several reasons to purchase life insurance. You may need to replace income that would be lost with the death of a wage earner. You may want to make sure your dependents do not incur significant debt when you die. Life insurance may allow them to keep assets versus selling them to pay outstanding bills or taxes. Consumers should consider the following factors when purchasing life insurance:
- ♦ Medical expenses previous to death, burial costs, and
♦ Support while remaining family members try to secure employment.
♦ Continued monthly bills and expenses, day-care costs, college tuition and retirement.
The peace of mind that comes from having a quality life insurance policy is something we would like to provide to you.
What is the Right Kind of Life Insurance?
All policies are not the same. Some give coverage for your lifetime and others cover you for a specific number of years. Some build up cash values and others do not. Some policies combine different kinds of insurance, and others let you change from one kind of insurance to another. Some policies may offer other benefits while you are still living. There are two basic types of life insurance: Term Insurance and Whole Life Insurance.
Term insurance generally has lower premiums in the early years, but does not build up cash values that you can use in the future. You may combine cash value life insurance with term insurance for the period of your greatest need for life insurance to replace income. Term insurance covers you for a term of one or more years. It pays a death benefit only if you die in that term. Term insurance generally offers the largest insurance protection for your premium dollar. It generally does not build up cash value.
Whole Life Insurance is referred to as permanent insurance that provides long-term financial protection. These policies include both a death benefit and, in some cases, cash savings. Because of the savings element, premiums tend to be higher.
How Much Life Insurance Do I Need?
Ask yourself the following questions:
- ♦ How much of the family income do I provide?
♦ If I were to die, how would my survivors, especially my children, get by?
♦ Does anyone else depend on me financially, such as a parent, grandparent, brother or sister?
♦ Do I have children for whom I would like to set aside money to finish their education in the event of my death?
♦ How will my family pay final expenses and repay debts after my death?
♦ Do I have family members or organizations to which I would like to leave money?
♦ Will there be estate taxes to pay after my death?
♦ How will inflation affect future needs?
These questions will be used to help determine the level of life insurance coverage you will want to review. Our friendly agents are here to provide free help with no pressure or obligation. Contact us to get expert answers to all of your life insurance questions.