Life Insurance
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Life Insurance Information
Life insurance can serve as a crucial component of your long-term financial strategy, offering you, the policyholder, peace of mind. If you pass away during the policy’s active term, the policy provides a death benefit to your chosen beneficiaries, provided that premiums were paid. A life insurance policy can help ensure your loved ones are financially provided for after your death.
If you need a life insurance policy, Michelle Allen Agency, Inc. can help. Reach out to us today for help understanding your life insurance options and what may be available to you.
How Much Does Life Insurance Cover?
When you shop for a life insurance policy, you’ll typically be presented with different amounts of death benefits. These will be the payout from your policy to your beneficiaries if you die during the policy’s term. Your designated beneficiaries can then use that money as they see fit. When determining how much life insurance coverage to purchase, consider whether your loved one(s) would need financial assistance in any of the following circumstances:
- Paying off jointly-held debts
- Supporting children and other dependents
- Covering funeral, burial and celebration of life costs
- Covering everyday bills such as mortgage payments, childcare and groceries
- Replacing your income for the benefit of their family
Your agent can help you determine a death benefit and type of life insurance that may best meet the needs of you and your loved ones.
How Long Is Life Insurance Good For?
The length of time your life insurance lasts depends on the specific policy and type of policy that you have. There are two main types of life insurance:
- Term life insurance provides coverage during a predetermined time window, the “term,” typically 5, 10, 15 or 20 years. This means that your life insurance will only last for the length of your term. If the insured person dies during the policy’s term, the policy’s beneficiaries can file a death claim with the insurance company to receive the death benefit. The policy automatically terminates if the insured person outlives the policy’s term.
- Permanent life insurance (whole life insurance, universal life insurance, variable life insurance) provides life insurance coverage during the insured person’s entire lifetime. This means that your life insurance would last for the entirety of your life. These policies also have a savings component, which makes permanent life insurance more expensive than term coverage. At some point, the policyholder might be able to borrow against the cash value of the policy, use the cash value as an income supplement or surrender the policy in exchange for its cash value (minus fees).
How to Get Life Insurance
Buying life insurance is crucial to your overall financial plan. Contact Michelle Allen Agency, Inc to get personalized life insurance quotes today.
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