Life insurance provides money to beneficiaries after the policy owner dies. This money can be used to replace the income and help reduce the financial burden, so your family can continue without you. Money can be used to pay the mortgage, car debt, or other debts, as well as help put children through school. Money can also be used to pay for funeral expenses and after death costs, such as estate taxes.
Your life insurance plan needs to meet your life circumstances, and how much insurance you should get will depend on certain situations. One person may not need as much life insurance as a couple with young children. You can purchase life insurance through an agent, but sometimes an employer can also provide it. Employer-provided life insurance coverage might not be enough for your needs, however. An agent at Best Choice Insurance can help you find the right policy for your needs.
There are two different types of life insurance to consider. Term life insurance is usually less expensive and is designed for a certain time period or a certain age. Whole life insurance is lifetime coverage that has a premium that won’t increase with age after you purchase it. Universal life insurance has a premium amount and death benefits that are more flexible. You can change the death benefit or premium payments after you purchase the policy. Calculating the total premiums for the policy life is essential. It could be possible to pay more in total premiums than the face amount on the policy. Be sure to review your policy periodically. Life insurance needs can change during different life periods. If you have term life insurance that is going to expire after a certain time, then you will need to decide if you want to purchase another policy to stay covered.
Contact Best Choice Insurance to get a quote on life insurance.