Life insurance policies are some of the most under-purchased insurance products nationwide. Although everyone needs life insurance, this coverage often gets eliminated from the equation when money is tight. Fortunately, Bania Insurance Agency, a local, private insurance agency, works with several established insurance carriers to provide affordable life insurance policies to our customers.
Everyone needs life insurance. Homeowners, especially those with a spouse or children, need a life insurance policy that will help those left behind pay the mortgage and other bills in the event of untimely death. Young professionals need at least enough life insurance to cover final expenses. Parents need insurance to cover their children’s living expenses and education should they die before the children are grown. Older individuals need coverage that can help if they outlive their retirement savings.
Different types of life insurance are available, and each type provides a valuable service to individuals in certain circumstances. Because of the changes life brings, we recommend that customers review their policies at least every 18 months as well as any time you experience a significant change in personal circumstances.
Term life policies are available only for a set period of time. If you die during that time period and your premiums are up to date, the policy will pay out to your beneficiaries. If you are still alive at the end of the term, the policy expires. Some term life insurance can be rolled into a permanent policy at the end of the term.
Permanent life policies are good for life as long as premiums are paid as set forth in the policy. Although these policies are generally more expensive than term life insurance, they are also more flexible. Permanent life options include whole life insurance and universal life insurance. Both of these policy types build cash value over time. Universal coverage is more flexible, even providing adjustable premiums and unbundled pricing options.
The choice concerning which insurance policy to purchase may seem daunting. However, our agents will be happy to explain the options to you further. We’ll explain what risks are involved and help you evaluate which type of policy will best prepare you and your family for the future. Call today to learn more.