Most people are not eager to consider or discuss the financial implications that their death could have on the rest of their family. However, as unpleasant as it may be, ensuring that your family has financial security in the event of your passing is one of the greatest gifts you can give them. No two life insurance policies are exactly the same, and Beaty Insurance can assess your needs and create a plan that is right for you and your loved ones.
Types of Life Insurance
There are two general types of life insurance. Term life policies are in place for a limited period of time and come at a set rate. If death occurs during the term, the beneficiary will receive payment. If not, the terms of the policy terms are rewritten by the carrier. On the other hand, whole life or universal policies are permanent, and guarantees set premiums for a lifetime. Other types of life insurance coverage include:
- Variable life insurance
- Universal life insurance
- Survivorship insurance
The cost of life insurance depends on many different factors, including (but not limited to):
- Health or medical history
Different combinations of the variables above can have a significant impact on your premiums.
The Best Time to Buy Life Insurance
Is now the right time to buy life insurance? You may be surprised by the answer. It is a common misconception that life insurance makes the most sense when purchased later in life, but this isn’t the case. If you have a mortgage, a family, bills to pay and loved ones to care for, then it is worth considering a life insurance policy now. Remember that premiums tend to rise as you get older and as your health starts to fade. To avoid high premiums talk to your Beaty Insurance agent about getting life insurance when you’re healthy and relatively young.
Call us at 409-886-1351, or fill out the form on this page to learn more.