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Life Insurance Information
Discussions about death are tough ones to have with loved ones. And if those talks turn to finances, the discussions can become even more difficult. The topic of life insurance is a great way to remove some of the anxiety surrounding your financial stability when you die. Having adequate life insurance can ensure that your loved ones will be financially supported when you are no longer around to do so.
The experienced agents at Huffman Insurance Agencies can help obtain appropriate life insurance for your specific situation. We understand the importance of caring for your family, and we can help you gain the financial support you need.
How Does Life Insurance Work?
When you die, a certain amount of money, known as a death benefit, is given to the beneficiary or beneficiaries you choose, who can then use the money they need.
What Is Whole Life Insurance vs. Term Life Insurance?
There are two primary types of life insurance.
Term life insurance: A term life policy provides money to your loved ones if you die during the policy’s term. This term may be a period of 10, 20, 30 or more years, depending on the expiration date of your policy. If you don’t die during this time, the policy doesn’t pay. You would have to reapply for a new policy to continue coverage.
Whole life insurance: A whole life policy lasts for the remainder of your life once you’ve enrolled. The policy won’t expire unless you stop paying it. This plan also offers a cash value investment opportunity, and the cash value component can provide a source of income while you are still alive (in addition to the eventual death benefit).
Additional types of life insurance exist, and our agents can explore other types that may be available to you. These include:
How Much Life Insurance Should I Have?
The amount of life insurance you should have is entirely your decision. Many people tie the value of their life insurance policies to the value of their debts, such as mortgages or car payments. If you die while these debts are outstanding, your beneficiary can use the money to settle these expenses.
Other people tie their benefit to their income and leave a certain number of years’ worth of their paycheck to their survivors. It’s entirely up to you.
How Much Does Life Insurance Cost?
Life insurance premiums vary from person to person. Factors such as age, income and coverage all have an impact on premiums. Our agents can help you select the appropriate coverage for your unique situation.
Contact Huffman Insurance Agencies to learn more about life insurance. Call us today at 833-493-4678.