Life Insurance
Protect Your Loved Ones' Future
Life insurance is like a promise between you and an insurance company. You pay money, called premiums, to the company. Then, if something happens to you and you pass away, the company gives money to the people you choose, called beneficiaries.
Why do I need life insurance?
Life insurance is important if you have people in your life who count on the money you make. If something unexpected happens to you, life insurance can help your loved ones. It can pay for things like bills, funeral costs, and money to live on.
How much life insurance do I need?
The amount of life insurance you need depends on your own situation. Think about how much money you make, what debts you owe, and what your loved ones need. An insurance agent can help you figure out how much coverage is right for you.
There are different kinds of life insurance to help meet different needs. Let's look at the most common ones:
1. Term Life Insurance: This kind lasts for a certain time, like 10, 20, or 30 years. It's usually cheaper and only pays out if you pass away during that time. For example, a 30-year term policy might cost $20 per month for someone aged 30 and provide a death benefit of $500,000.
2. Whole Life Insurance: This lasts your whole life and has a savings part that grows over time. It's more expensive but lasts forever and can be used later in life. For instance, a whole life policy might cost $100 per month for someone aged 40 and have a cash value of $20,000 after 10 years.
3. Universal Life Insurance: This also lasts your whole life but lets you change how much you pay and get. It also has a savings part that grows over time. An example could be a universal life policy costing $150 per month for someone aged 50 with a cash value of $30,000 that can be borrowed against.
4. Variable Life Insurance: This lasts your whole life and lets you invest part of your money in things like stocks and bonds. It can make more money but is riskier. A variable life policy might cost $200 per month for someone aged 35 and have a cash value of $40,000 after 15 years.
5. Indexed Universal Life Insurance: This is like universal life insurance but lets you invest part of your money in a market index. It can make more money while still giving life insurance. An indexed universal life policy might cost $180 per month for someone aged 45 with a cash value of $25,000 after 10 years.
6. Final Expense Insurance: This is a small policy that helps pay for end-of-life costs like funerals, including cremation. For example, a final expense policy might cost $50 per month for someone aged 55 and provide a death benefit of $15,000, which can cover cremation costs and other final expenses.
At our agency, we know how important it is to protect your family if something happens to you. We offer different kinds of life insurance to fit your needs, and our agents will help you find the right one for you. You can trust us to keep your loved ones safe.