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Life Insurance Information
A person’s death can have wide-reaching implications for those they leave behind. Beyond grief and other emotional tolls inflicted by a loved one’s passing, the death of a family member can also have significant financial ramifications. A suitable life insurance policy can make all the difference if the deceased’s family relied on them as a provider.
Types of Life Insurance
Life insurance can be a complicated and nuanced subject. These policies can be heavily customized to suit a policyholder’s goals, needs and circumstances. It’s critical for policyholders to understand their options fully to ensure they purchase and maintain optimal coverage capable of providing for their loved ones.
Those seeking to purchase or adjust their life insurance should have a firm understanding of the following:
- Permanent life insurance—As its name suggests, this form of life insurance provides coverage throughout an insured’s lifespan. As long as a policyholder remains current with their premiums, beneficiaries can receive a payout. Permanent life insurance may come in many forms, including the following:
- Whole life insurance—These policies include a fixed interest rate capable of accruing cash value over time, which can be borrowed against.
- Universal life insurance—These flexible arrangements include the ability to adjust death benefits and premiums. Interest rates have a guaranteed minimum but may otherwise be impacted by market conditions. If a policy accrues enough value, policyholders may no longer be required to pay premiums.
- Variable life insurance—These policies provide diverse investment opportunities that may provide policyholders with significant opportunities for financial gains but could also lead to higher risk levels.
- Final expense life insurance—This form of permanent life insurance is generally more affordable and easier to acquire for people whose ages or health conditions may disqualify them from other policies. These policies usually provide smaller death benefits.
- Term life insurance—Unlike permanent life insurance, this type of coverage can only provide beneficiaries with a payout if an insured’s death occurs during a certain timespan. These policies may be ideal for policyholders seeking to ensure their loved ones are cared for until a certain date. For example, an insured might want to take out a term life policy on themselves until their mortgage is projected to be paid off. Similarly, a parent may only require coverage until their children come of age.
Because of its limited coverage period, term life insurance is generally more affordable than permanent policies. Rates can be locked in at the time the policy is purchased throughout the duration of its term. After coverage has expired, it may be possible to renew it at an adjusted rate on a year-to-year basis. It may also be possible to convert an expiring term life policy into whole life coverage.
How to Choose the Right Life Insurance Policy
Given the many options and the potential consequences of a poor choice, selecting life insurance may be an intimidating proposition. When shopping for the right coverage, the following factors should be considered:
- Annual income
- Debts (e.g., mortgages, loans)
- Projected future expenses (e.g., college tuition for children)
- Cost of services made necessary by a death (e.g., child care, housekeeping)
Get the Right Coverage
We’re here to help. With over 20 years of experience serving Milwaukee, Waukesha and the surrounding areas, the dedicated professionals at P&C Insurance Services are well-equipped to help assess and address your life insurance needs. Contact us today to get started.