Individual Life Insurance Provided By Our Agency
Everyone deserves to have a secure financial future, which is why life insurance is so critical. Whether you're just starting out or getting ready to retire, a life insurance policy can help you offer financial security for your family if you're no longer there to provide for them.
What is Life Insurance?
Life insurance policies help provide security to you or your beneficiaries after you pass away or after a designated period. With a life insurance policy you can help secure your family’s financial future by paying for college, paying off a mortgage, covering any final expenses or estate taxes, and more.
What are the different types of Individual Life Insurance coverage?
There are four primary types of life insurance, and each has a place in any sound financial plan. The four variations of life insurance are:
Term Life Insurance – fixed premiums for a fixed period, like 10 or 20 years
Whole Life Insurance – permanent insurance, as long as premiums are paid, with fixed premiums and cash value benefits
Universal Life Insurance – permanent insurance with options to change premiums and death benefits
Variable Life Insurance – similar to Universal Life but with the flexibility to choose investment risks to maximize cash value benefit
The Importance of Individual Life Insurance
Life insurance is essential, as it protects your family and lets you leave them a non-taxable amount at the time of death. It is also used to cover your mortgage and your loans, such as your car loan. In addition, your life insurance follows you when you retire, and your employer no longer insures you. This insurance will also replace your family income when resources are less, and you are not around, so they can maintain their quality of life.
Once you understand the significance of purchasing life insurance, you must make the appropriate decision. To accomplish this, you must assess your demands and choose a product that is appropriate for your family as well as insurance rates that are within your budget. Then get in touch with us to learn more.
What Should I Know Before Buying Life Insurance?
Before purchasing life insurance, it is important to consider the following factors:
Your budget: Determine how much you can comfortably afford to pay each month for premiums.
Your health: Your overall health and medical history will affect your premiums and coverage options.
Your beneficiaries: Choose trustworthy and responsible people to receive the lump sum payment upon your death.
The policy type: There are two main types of life insurance: term and permanent. Term life insurance provides coverage for a specific period, while permanent life insurance provides coverage for the duration of your life. Each type has its own pros and cons, so it is important to assess your needs and budget before deciding.
Already have Individual Life Insurance? Switching is easy
It might be time to switch insurers whenever the service that your existing insurer provides doesn’t meet your needs. For example, if you have a poor claims experience or an unexplained rate increase, it might be time to consider other options
If you cancel a previous policy before a new policy is effective, you could run into some serious financial problems.
Contact us today to help you with multiple options to choose from.
