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Life Insurance Information
It’s never too early to start planning for your future—including how to take care of your loved ones if you were to die. Purchasing a life insurance policy is one of the best ways to plan for your loved ones’ financial future when you’re no longer here to take care of them.
Lone Star Insurance Agency is here to help you navigate your life insurance needs and plan for your future. We know these conversations can be difficult, but we’re here to help. Give us a call today to get started.
How Does Life Insurance Work?
Simply put, a life insurance policy is a contractual agreement between the insured (you) and the insurer (the company that writes your policy) that states the insurance company will pay out a predetermined sum of money to a beneficiary upon your death. In exchange, you pay the company a premium. Your beneficiaries are typically able to use the payout, which is referred to as a death benefit, for various expenses. These can include funeral costs, debt settlements, college funds or everyday needs and bills.
What Types of Life Insurance Exist?
Generally speaking, there are two main types of life insurance: term life and whole life (also referred to as permanent life). Here’s the basic overview of each type of policy:
· Term life insurance plans last a set number of years, or term. Term life policies will typically only pay out a death benefit if a death occurs during the policy’s active term. There are two main types of term life insurance: level term and decreasing term.
· Whole life policies, by contrast, last indefinitely, and the policy will pay out a death benefit whenever you die. There are three main types of whole life insurance: traditional whole life, universal life and variable universal life.
To learn more about the different types of life insurance that may be available to you, give the team at Lone Star Insurance Agency a call today.
Is Life Insurance Expensive?
Your life insurance premium rates will vary based on the type of plan and death benefits you select. Moreover, your premium will be influenced based on your age, sex and overall health and lifestyle. Most life insurance companies require a medical exam before underwriting the policy and notifying you of premium rates. Talk to your agent to learn more about what a life insurance policy may cost.
How Can I Learn More?
Planning for what happens when you die can be unpleasant, but it’s crucial if you have people who financially depend on you. The team at Lone Star Insurance Agency can help make some of the complexities of life insurance easier on you, including choosing a plan and determining how much life insurance you may need to buy.
If you live in or near Burleson, Texas, give us a call today at 817-426-2886 to learn more about life insurance options that may be available to you.