The life insurance industry can be a confusing one. Hopefully this article can shed some light on what life insurance really is.
Life insurance is a type of insurance that pays a specific amount of money to the ones that you love when you can no longer provide for them. The great thing about this money is that it is tax free.
Life insurance isn't much fun to think about, but it's important. You don't want to accidently leave extra expenses to the ones that you love.
Life insurance protects you in many different ways. Here are a few reasons why you need life insurance:
These and other reasons are why it is so important to make sure that your family and the ones you love are protected.
There used to be a time when only the man of the family would get life insurance. Now, woman are supporting the family just as much as the men are.
It's important that everyone in the household get life insurance. The last thing you want is your family worrying about money.
There are several different types of life insurance out there. Before you buy it is good to know your options. They include:
Term life insurance is life insurance that lasts for only a specific amount of time. Some examples would be:
There are several reasons why you may want term life insurance. One of the main reasons is the cost of it. Term Life insurance is much cheaper then whole life insurance (life insurance that lasts your entire life).
If you have expenses for the next few years that will eventually go away, Term Life Insurance may be for you. Some examples of expenses that will go away include:
If you have any of the above obligations or any other obligations you may accidently pass the bill on to the people you love the most. This is why term life insurance is so important.
Whole Life Insurance is life insurance that lasts your whole life. You never have to worry about it expiring.
The major benefit of whole life insurance is that it has a separate cash account. You can then borrow against the cash account. This can be used for several different things like:
Also, the money that you do put into it grows at a fixed interest rate.
Universal Life Insurance has all of the benefits of Whole Life Insurance plus extra features. The payments that you make to it are not fixed. You can pay as little or as much as you want as long as you stay within the limits.
The money that you put into it does not grow at a flat rate like whole life does. The money goes into mutual funds and money markets. The possibility for growth is greater.
Survivorship Life Insurance is meant for couples. It has all of the benefits of whole life insurance.
The way that it differs from whole life insurance is that both you and your spouse are on the insurance. The policy pays out once both of you pass away.
This is very useful if you have children who have grown up and left the house. It leaves an inheritance to your kids and also helps pay for any taxes that might come up.
The fact of the matter is insurance is a confusing subject. That is why we have insurance agents who have to go through training and certification in order to help you.
We provide the friendliness that other big insurance company's don't offer.
We are locally owned and operated in Billings. You can come to our office or we can come visit you where ever you feel most comfortable.
We will make sure that you have everything you need to protect your family.
We are fully qualified insurance agency ready to meet your needs. Have someone call you and give you a quote today.