Life & Health Insurance
Life & Health Insurance Information
The aftermath of losing a family member can be turbulent and traumatic. Furthermore, the passing of a family member may mean unexpected financial ramifications. Life insurance gives you the peace of mind that comes from knowing you’re protecting the people you love.
How Does Life Insurance Work?
The specific details of a life insurance policy can be customized to suit your needs. Its general purpose is to provide financial aid to beneficiaries following the death of an insured. These funds may be used to replace the deceased’s income, as well as pay for funeral expenses, outstanding debts and other costs.
While there are many variants of life insurance, in general, policies fall into one of the following categories:
· Term life insurance may provide financial assistance for your beneficiaries if you die during a specific period of time. Insurance companies will not provide a payout if death occurs outside of your policy’s term. This type of policy may be advantageous for those seeking lower premiums while wanting to ensure their loved ones receive financial assistance in certain circumstances, such as children reaching adulthood or spouses paying off loans.
· Permanent life insurance has no term limits and will provide beneficiaries with financial assistance regardless of when an insured’s death occurs. These policies, also known as whole life insurance, may also accrue cash value over time, which can then be used to reduce your premiums. Some permanent life insurance arrangements allow you to borrow against a policy’s value or even invest in stocks, bonds and money market mutual funds.
How Much Life Insurance Do I Need?
Life insurance needs may vary significantly. When determining how much financial assistance you want to be able to provide your beneficiaries, consider the following:
· Your annual salary
· How long you intend to work to support your family
· Debts and loans (e.g., mortgages)
· Future expenses (e.g., college tuition)
Where to Get Life Insurance
With nearly 30 years of experience serving Altoona, Oskaloosa, Carroll, Mt. Ayr and the surrounding areas, The Insurance Station is well-equipped to address your life insurance needs. Our agents will work with you to assess your circumstances and discuss optimal options. Contact us today to get started.