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What You Should Know About Life Insurance
Writer • December 24, 2020
Life insurance is one important way to provide for your family when you can no longer do so yourself. If your family relies on your income to survive, investing in life insurance in Corydon, IN is the smart, kind way to ensure that they won’t struggle with unexpected bills and other consequences. Make sure your loved ones have everything they need to continue on by investing in life insurance. Here’s an overview of everything you need to know:
- Life insurance is risk management: Sometimes people are hesitant to purchase life insurance because they’re afraid it puts a “value” on their lives. Unfortunately, when people die, they often leave behind debts, mortgages, unpaid medical bills and more. Life insurance allows surviving family members to take care of those expenses without having to worry about where the money will come from. It can also be a source of income in those first few weeks or months when the shock is new. Think of it as risk management: you wouldn’t want your family to struggle if you unexpectedly passed away.
- You probably need life insurance: Unless you have no debts, and no one relies on your income, you need life insurance. If you have a spouse or dependent children, it’s practically mandatory—you’ll want them to be provided for as much as possible.
- There are two main types: Life insurance is offered in two broad categories: term life insurance and permanent life insurance. Term life insurance bases its premiums on how likely it is you’ll die in a set period of time. The premiums stay constant throughout that period. Permanent life insurance also considers how likely you are to die, but the policies are set up to continue until you do. There are several subsets of permanent life insurance, like whole life, universal life and variable life.
- You need to talk to your insurance agent: Before you decide on a policy, talk to your insurance agent about what they offer, the premiums and your needs. Your agent can help you determine how much coverage you need, how the cash value may grow and which type of policy is right for you.
- Never let your policy lapse: If you’re thinking about switching policies, make sure you don’t let your policy lapse in between. It’s also possible that the new policy’s terms and conditions will not be as beneficial as your old one.
- Consider the premiums: Before making any major decisions, you need to consider the premiums. Can you afford them? What happens if you become suddenly unemployed? If the premiums increase later on down the road, will your current income be sufficient? Don’t shell out for an expensive policy only to find that you can’t afford to keep it up. You should talk to your agent about what happens if you need more coverage, too.
When you’re ready to purchase a life insurance policy in Corydon, IN , look no further than Harvey Sarles Insurance Agency. Reach out to us today to get a quote.
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