Whether you’re looking for a life insurance policy that will cover the cost of a funeral, one with a cash-value account, or a low-cost term policy, we have a plan for you. Inside this article, we discuss what life insurance is, why you need it, how much coverage you should get, and the different types of life insurance policies.
What is Life Insurance?
Life insurance is a contract between you and an insurance company. If you die during the term of the policy, your beneficiaries will typically receive a death benefit that can help cover funeral expenses, pay off debt, or provide income to your family (the payout wouldn’t be tax-free). No matter what type of life insurance people buy – term or whole life – they can rest assured knowing their money has already been put to work.
Why Do I Need Life Insurance?
Life Insurance is an important step in protecting yourself and your loved ones financially. Life insurance provides income or funds that help cover burial expenses if someone dies unexpectedly. It also helps provide financial support for dependents who are left behind. But choosing the right type of policy can be confusing!
What Type of Life Insurance Do I Need?
The first thing to decide when buying life insurance is whether you want term or whole life.
- Term life protects you for a specific period of time while whole-life covers you for your entire life with no premium increases so long as premiums are paid on time every month since the policy was created (this means there’s no risk of your premiums increasing if you’ve maintained the insurance through the years).
- Whole life may be a more reliable option for retirees with limited income. It is also popular with people who don’t want to worry about changing policies or higher premiums in the future.
- A low-cost term policy would provide sufficient coverage to protect you and your family if something unexpected were to happen.
- A cash value policy is a type of life insurance that will build a savings account for you while you pay your premiums. These savings can be collected at a later time, but if the insured dies before the funds are collected the life insurance would provide money to cover funeral costs and other expenses associated with losing a loved one.
How Much Life Insurance Do I Need?
When deciding on how much life insurance you want, there are many factors to consider. Depending on your employment, personal finances, and family circumstances you may need more or less coverage than the next person. It’s also important to think about what type of policy would work best for your needs if something were to happen since term policies do not build equity like cash value plans.
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Choosing a Policy: RECAP
The most important thing is that people of all backgrounds can find a policy that fits their lifestyle and budget so they’re protected in case anything unexpected happens. Choosing the right plan for you is just another way SN Agency provides security.
You must have life insurance! You might be one of those people who doesn’t necessarily love thinking about death (I feel like no one does), but it’s something that has to be done. Life insurance is actually one of the most important things you can have because it provides money for your family in case something happens.
Seriously, if you’re worried about not having enough money in the bank when you retire think ahead and make sure your loved ones are taken care of financially by getting a policy now!
Life insurance is actually one of the most important things you can have because it provides money for your family in case something happens.
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But What Type of Life Insurance Policy Should You Get?
Set up a free call with us and we will go through your options. In the digital age, there are many different types of life insurance to choose from. The most important thing is that you find a plan that works for your lifestyle and budget so you’re protected in case anything unexpected happens. Choosing the right policy for you is just another way SN Agency provides security!
Set up a free call with us and we will go through your options.
