Life Insurance

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Life Insurance Provided By Lake Region Insurance

It’s not an easy topic, but the fact remains that life insurance is a crucial thing to discuss. In the event of your death, you need to consider the financial implications for dependents, your family, and your home. What you don’t want is to cause more stress to loved ones in a difficult time, and so provisions must be in place.

Securing a life insurance or final expenses policy is a fairly straightforward process that can have a significant impact on your family’s financial well-being. In just a few short steps, you can secure their long-term stability and make sure you are getting the best deal.

Lake Region Insurance Agency can meet all our Minnesota neighbors’ insurance needs. We serve our communities in Cokato, New London, and Willmar, MN.

Why Do I Need Life Insurance or Final Expenses Coverage?

Protect Your Dependents

If you have a person in your life who is financially dependent on you, life insurance is critical. From children to a non-working spouse to disabled parents, they need coverage. In the event of your death, make sure that your dependents can afford to pay their bills by securing adequate coverage.

Policies can also offer protection for future events, such as paying for college or resolving a mortgage. Some plans will also pay your surviving spouse an income for a set number of years. This option offers financial reassurance, and a chance for your family to get back on their feet during a stressful period.

Pay Off Your Home

When a loved one passes away, those remaining have many decisions to make. If they also have to sell a home and relocate suddenly, it can be overwhelming. A policy that provides enough funds to pay off a mortgage brings tremendous relief. 

Maximize Inheritance

We all would love to leave something behind for our heirs or organizations we support. Unfortunately, what some people leave behind are debt and tax bills. Life insurance can help to cover the costs and charges on your estate when you die. You will provide peace of mind to your heirs when they do not have to come up with funds to pay outstanding debts.

Cover Funeral Costs

Death is an expensive business. A comprehensive life insurance policy or a final expenses policy provides for a sum of cash to cover the costs of your burial and funeral. 

When loved ones are stressed and mourning, the last thing they want to do is figure out how to come up with the funds for final expenses. One of the greatest gifts you can give your family is the assurance that you have provided for this eventuality.

Why Choose Us?

Here at Lake Region Insurance Agency, we are dedicated to helping you find the best policy for your needs. As an independent insurance agency, we are not tied to a specific plan or company so that we can offer authentic, impartial advice. Get in touch today to see how our team can help you take steps to secure your future.

Life Insurance FAQs

What is the best type of life insurance for me?

The best type of life insurance depends on what kind of coverage term, the extent of coverage you want to pass on to your beneficiaries, and the premiums. Term life insurance is best for affordability, covering the policyholder for a specified number of years. Premiums don't increase during the policy period, which is a benefit. However, the policy pays out if the insured dies during the covered term. Permanent life insurance carries cash value, so you can borrow against it to cover necessary expenses throughout your life. Universal coverage options are some of the most flexible policies, allowing you to set the frequency of payments and decide how much the payments will be as the rates change. Whole coverage options do not have fluctuating rates, but you will be paying premiums throughout your policy.

Can I skip the medical exam needed when getting life insurance?

Most insurance policies require a medical exam before being issued. The medical exam is essential for assessing your overall health and what you may be at risk for, short-term and long-term. The information from the medical exam is what insurers use to set the premium for your policy, meaning it is in your best interest to get a medical exam to ensure you get the best applicable rate. If you have a serious pre-existing medical condition, you may fear you will be unable to get a policy or that your premium will be higher than most. Rest assured that this is not the case, and options are available for these specific scenarios.

Can I get life insurance if I already have a critical/terminal illness?

Yes, you can still get coverage if you are diagnosed with a critical/terminal illness. However, the policy will be different. A policy, under those circumstances, is usually granted accelerated benefits, also referred to as living benefits, which allow the funds to pay out before the insured dies. Depending on the policy, a person can claim anywhere between 25 to 100 percent of the policy as early payment. However, you should note that receiving accelerated death benefits may affect your Medicaid eligibility.

Do I qualify for life insurance without a mortgage?

You do not need a mortgage to qualify for a life insurance policy. Instead, you can use your policy to help pay your mortgage in the event of your untimely death, either by borrowing against it or having it paid out. Using your funds in this way ensures your loved ones will have the necessary provisions. Your policy can cover the mortgage cost or help make payments more manageable in your absence.

How old do I need to be in order to get a life insurance policy?

There is no minimum age for a life insurance policy, so a better question is when should you get one? If you are an adult with responsibilities and dependents, you should consider taking out a life insurance policy to ensure your loved ones are provided in the event of an untimely death. Plans vary in affordability, so do not stress taking out a particular policy and instead focus on getting coverage to protect your loved ones.

What is beneficial about life insurance? Is it the same as health insurance?

The difference is that health insurance helps pay for medical expenses such as doctor visits and necessary procedures. Unlike health insurance, life insurance covers the expense of premature death. These expenses include funeral costs and debts for the insured, college funds, and retirement years for loved ones. Life insurance will help ease the financial burden on loved ones after your death, especially if you have a significant other, children, or grandchildren who depend on you.

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