Life InsuranceThere are many types of life insurance policies. We are here to help and to explain the choices available for you!
Life Insurance is a financial resource available for your family in the event of your death. Life Insurance is a contract: it provides your beneficiaries with a certain amount of money and you provide premium payments. The premium amount is based on factors such as your age, gender, medical history, and the dollar amount of life insurance you purchase.
What Is The Dollar Amount I Need?
When deciding the amount of life insurance to purchase, you should consider your current income, your dependents (spouse, children, aging parent, etc), expenses above your cost of daily living (tuition or care of a parent), your savings, your estate and your business, if you own a business.
What Are My Options?
Term Life Insurance
There are several types of life insurance to choose from. Term life insurance is available for those who wish to insure for a certain period of time with low payments. Typically, the term life insurance period is 20 years. Once the premium payments stop, the insurance is no longer in force. Term life insurance does not build cash value.
Whole Life Insurance
Whole Life Insurance policies accumulate cash value over a period of time. The premiums do not change and the cash value accumulation is tax-deferred. Also, you may borrow or withdraw money against the accumulated cash value. Whole Life Insurance or Permanent Insurance has a variety of options and all can be explained by our agents.
What If I Already Have Insurance?
Life happens. If you currently have life insurance, there are life changes that may warrant more protection:
- Recently marriage or divorce
- A child has been born or adopted
- Your health or your spouse’s health has deteriorated
- Care of a parent
- The purchase of a new home
- College or other school tuition
These are just a few examples of life changes that you may want to consider if you already have a life insurance policy in place. You can trade or replace an existing policy. Seek advice from an agent to provide you the guidance to trade or replace an existing policy.