As an adult, there are some things you have to do. These things show that you are a mature and responsible person. Getting individual life insurance is one of those things.
Many types of insurance are essential. These plans help pay for the unexpected costs that life throws at you. Life insurance protects your family.
If you don’t have individual life insurance, contact Lake Region Insurance Agency. We have years of experience serving our community. We work with you to ensure you have the coverage you need at a price you can afford.
Individual life insurance offers financial protection. Discussing and searching for life insurance is not a topic most people enjoy. However, a difficult conversation now can mean peace of mind and less stress for your loved ones down the road.
Ideally, life insurance is part of your overall planning. Along with things like setting up a will, this type of policy is a piece of a sound financial plan.
A policy for life insurance can meet many needs. It could cover just enough to pay for your funeral. Or it could be significant enough to set up a legacy for your loved ones.
You should consider individual life insurance if you:
There are two types of life insurance from which you can choose. Which type you select will depend on your age, needs, and financial plans.
You can choose from term life insurance or permanent life insurance, which is available in whole or universal plans.
For affordability, term life insurance is the best choice. In this type of coverage, the policyholder has protection for a certain number of years.
After that time, the policy can expire with no value. Some plans may include annual renewable terms for one-year increments.
The benefit of term life insurance is that premiums do not increase during the policy period. With term insurance, you usually get the most insurance protection for your premium. Typically, term life is used as an income replacement for your family upon your death.
However, death benefits are only paid if the insured dies during the covered term. There is no cash value, and you can not borrow against the policy or withdraw money from it.
Permanent life insurance falls into two categories: whole life insurance and universal life insurance.
With a permanent plan, you can borrow against your policy or withdraw from it. And this coverage carries a cash value. These options are great tools if you need to pay off a mortgage or pay for college for your child.
Universal life insurance is incredibly flexible. As the policyholder, you decide the frequency of payments along with how much you pay. In other terms, the more you pay in premium, the less time you will have to pay the premium. The rate will change over time, as well.
Whole life insurance differs from universal in that your premiums hold steady for the life of the plan. Your premiums and coverage will not change as long as you are paying the premiums.
If you want to know more about individual life insurance, reach out to the team at Lake Region Insurance Agency. Our expert Minnesota insurance agents will help you choose the best coverage for you and your family.
Whether you own a recreational vehicle for a summer staycation or live in an RV full-time, you want to protect your investments. But what is