Life Insurance

After the death of a loved one, family members may face difficult times. In addition to the mental and emotional toll of mourning their loss, there may be financial hurdles to overcome. With that in mind, it’s necessary to consider the benefits of life insurance. By having sufficient coverage, policyholders can ensure that their loved ones have the financial means to take care of themselves and each other. 

Types of Life Insurance 

Those interested in purchasing life insurance should understand the following two primary types of coverage:  

• Permanent life insurance, also referred to as whole life insurance, provides extensive coverage that can provide the best chance for an insured’s family members to receive financial assistance. As its name suggests, this type of coverage will pay out to beneficiaries regardless of when death occurs. These policies may also include various financial opportunities by accruing cash value, which can then be borrowed against, invested or used to reduce premiums.
• Term life insurance provides coverage for insured parties for a predetermined period of time. While this means that these policies will not provide funds to beneficiaries if death occurs after a policy has lapsed, they may also include lower premiums. Term life insurance may be optimal for those with specific coverage needs, such as parents who want to retain coverage on themselves until their children reach a certain age. 

How Much Does Life Insurance Cost? 

Before being able to provide accurate quotes for sufficient coverage, insurance companies must consider a person’s specific circumstances. In general, this process will include consideration of the following criteria: 

• Age
• Gender
• Health screenings (e.g., heart disease, diabetes, cancer)
• Smoker status
• Family medical history
• Lifestyle habits
• Driving record 

Acquire Optimal Coverage 

It can be difficult for people to understand the various life insurance options available and make the right choice. Fortunately, the experts at P&C Insurance Services have over 20 years of experience helping individuals, families and businesses in the Brookfield area assess and address their coverage needs. Contact us today to get started.