Life Insurance is an essential policy to help protect you and your family. Usually this is a coverage that everyone decides to wait to purchase until there is a need for coverage. When someone falls ill or is given a serious diagnosis, it can become challenging finding coverage. Too many times today we see families wait until it is too late.
GoFundMe pages should not be a replacement for proper planning, especially when the cost for life insurance coverage can be as little as $10-$30 dollars per month.
Here’s some information we think everyone should know.
Term Life Insurance
Term Life Insurance is the most common policy purchased. This type of policy offers a pure death benefit for a number of years defined in the term. Coverage usually last 10 years, 20 years, 25 years, 30 years and some cases even longer. Typically, the premium will stay the same over the length of the policy.
Increasing or Decreasing Term Insurance
With some types of term life insurance, over time the death benefit will go down. This is known as a decreasing term insurance policy. This type of policy ends when the death benefit hits zero . It is designed for protecting families for larger purchases like a home. As the home gets paid off, the death benefit of the life policy will go down.
Increasing Term is just the opposite. Both the premium and the death benefit rise until the policy term is completed. This type of policy is usually designed to help protect someone who is acquiring wealth.
Whole Life Insurance
Whole life is very different from term policies. Like term coverage, insurance companies will typically lock in your rate and provide a life long death benefit as long as you make your premium payment. A major point to know that this is a permanent policy that can build a cash value. This cash value will typically grown on a tax-deferred basis, In addition to cash value, these types of policies can even pay dividends in some cases.
Variable Life Insurance
Variable Life Insurance is very similar to whole life and provides some benefits from Term insurance policies. It can provide a permeant death benefit along with a investment component. Specifically, this policy type can give policyholders the ability to invest in things called variable sub accounts.
Universal Life Insurance
Universal life Insurance is similar to other life insurance options in the way that it is permeant and provides a death benefit, yet a key difference is how cash value is earned. UL polices will earn interest on the cash value, these values are typically established when the policy is set up.
Final Expense Life Insuance
Final Expense Life Insurance is often known as burial insurance and usually purchased by seniors between the ages of 50 to 85. These policies are used to provide a benefit to family members who would otherwise have to pay for final expenses. Seniors are able to get a more affordable coverage typically up to $40,000.
With the average cost of a funeral around $10,000, these policies help make funds available in the event of a sudden death or make sure your final plans are achievable.
Why Buy Life Insurance Now?
Most people put off buying insurance until it is to late. Did you know that a life policy for a healthy 25 year old could be as low as $12 per month for $250,000 in coverage? If bought at the right time, life insurance can be much more affordable. Don’t wait until it is too late. Waiting until you have medical problems could cause your premiums to be outrageous or a lead to a company not offering coverage at all.
Where should I buy life Insurance?
Buying Life Insurance from an Independent Agency like Millennium Brokers can help give you more options. With the ability to offer over 20 different companies we give consumers more options and the possibility to get more affordable rates. Along with being able to offer Life Insurance, you can also get coverage for your Auto, Home or Business. Not only can you save but you can have everything set up with one Agent.
You can get an instant life insurance quote without having to enter your personal information you can go to our Instant Life Quoter.
At Millennium Brokers, we can help find you affordable coverage. If you would like to visit us in person you can stop by our office at 2100 S. Brentwood Blvd Ste G Springfield, Mo 65804.