Insurance policies are often regarded as optional purchases. That can be especially true when life insurance is taken into consideration. However, life insurance is necessary whether you realize it or not. Many things can occur throughout our lives, and it’s essential to ensure that your family is taken care of in the event of your untimely passing. Preparing as much as possible is the key to making the process go as smoothly as possible.
There are multiple reasons why you need to purchase a life insurance policy. These reasons can vary significantly from person to person, depending on the lifestyle lived by each individual. If you smoke, drink, and use street drugs, these factors can drastically diminish your lifespan. Even if you are living a healthy lifestyle, anything can happen at anytime. It can take such a short time to develop a life-threatening illness. Before this happens, you should make sure to give your family peace of mind. Your biggest concern should lie with your loved ones, as life insurance can cover many expenses they may otherwise not be able to afford.
If you have questions about life insurance policies to find which one is right for you, Brokers Insurance Agency in Lincoln, NE is here to help. Obtaining a life insurance policy can be a jarring experience, but you do not have to go alone. Allow the experts to walk you through the proper steps towards protecting your family, even in your absence. Call Brokers Insurance Agency today or stop by their office if you are in the Lincoln, NE area.
Unlike term life insurance which is only valid for a specific period, whole life insurance lasts for your entire life – assuming you continue to pay the policy premium. One of the most valuable aspects of whole life insurance is that it generates a cash value with significant tax benefits. Each time you pay your premium, a portion is set aside and invested in increasing the policy’s cash value and offers an alternative to saving and a supplement to your retirement accounts. While whole life insurance is significantly more expensive than term life insurance, it offers a multitude of benefits that are outlined below:
The Benefit is Permanent
It may be impossible to qualify for a term life insurance policy as you age because you must participate in an exhaustive physical health screening. However, with a whole life insurance policy, that benefit is 100% guaranteed if the policy remains in good standing.
Generate Cash Value
Each time you make a premium payment, part of that payment is used to cover the insurance and associated fees, while the rest is used to build a tax-deferred cash component that can grow significantly with time. A loan can be taken against that cash value and used for any purchase if needed.
The younger you are, the better time it is to purchase whole life because your premiums will likely be lower and will never increase, plus you’ll have more time to grow the cash value of your account.
Contact the Brokers Insurance Agency in Lincoln, NE for more information on life insurance. Our knowledgeable and professional team will be happy to answer all your questions and help you choose the right life insurance policy for your needs.
Life Insurance can be a scary topic to talk about considering the implications of having to use it. You shouldn’t look at life insurance as a possibility of your death, but you should approach life insurance as a tool to help your family after you’re gone. Death is impending for all of us, the only factors that change is the manner and timing of it. Life Insurance provides your family and other beneficiaries with help in the event of your passing. There are two different life insurance policies that you can get, term life insurance and whole life insurance. You can purchase life insurance through Brokers Insurance Agency in Lincoln, NE.
Term Life Insurance
Term Life Insurance covers you during a pre-determined length of time. This length of time could be five years or up to 20 years. Should you pass away during this time, your beneficiaries will receive your death benefit amount. The good thing about term life insurance policies is that the premiums are much lower in comparison to whole life insurance policies. This is a way to provide that protection for your family without spending too much money out of pocket. Should the term end with no event, you walk away as there is no accrued money value built up in the policy. That’s the downside of having term life insurance, it’s essentially “rental” life insurance that must be used during the time period.
Whole Life Insurance
Whole Life Insurance is much different than term life as you can have the policy for the rest of your life. The policy grows money value over time with each premium paid and you can borrow against this policy should you need it. Should you pass away during your whole life insurance policy, not only will your beneficiaries receive the death benefit payout, but they’ll also receive the cash value of the policy that’s been paid in over that time period. The monthly premiums paid are higher than the term-life due to the money value accruement over the life of the policy.
You can learn more about life insurance policies by contacting Brokers Insurance Agency in Lincoln, NE today!
No one wants to think about their life-ending, but none of us know when it will be time to leave this earth. When your time comes, you will want the peace that comes with knowing that your loved ones are taken care of after you are gone. The life insurance agents at the Richards Insurance Agency, located in Lincoln, NE, can assist you with all of your life insurance needs.
When it comes to life insurance policies, there are three main types that you can choose from, including universal life insurance, term life insurance, and whole life insurance.
Term Life Insurance
A term life insurance policy only lasts for a certain term that you set with your insurance agent at the beginning of the policy. This term could be a decade long or three-decades-long, depending on which you prefer. This type of policy will end at the end of whatever term you chose, but you will more than likely be able to renew it but at a higher premium rate.
Universal Life Insurance
Very similar to term life insurance is universal life insurance. This type of policy is also paid upon for a certain amount of time before it expires, but you can pay a premium that will keep your death benefit in place. This type of policy also offers you a savings account that you or your family can use in the future.
Whole Life Insurance
A whole life insurance policy lasts that long, hence the name. It guarantees a certain payout on the amount you invest into the policy, and you can borrow from it why you’re still alive to pay off debts ahead of time or use it to make repairs and get things for your loved ones before you die.
To choose the type of life insurance policy that works best for you and your family, you should contact the agents at the Richards Insurance Agency, located in Lincoln, NE to get your policy started as soon as possible. Reach out to our office to get a quote and learn more.
When it comes to protecting your family’s future, life insurance is a vital financial tool. If one or both spouses pass, your children’s future would be taken care of. The funds can be used to pay for burial and final expenses. You can also designate funds toward your children’s future college expenses. Money can also be earmarked for nonprofit organizations that are close to your heart. There are many benefits to your life insurance policy. That is why they require a lot of thought. When you begin considering life insurance, you’ll have many questions. Our agents at Richards Insurance Agency can provide guidance. We have worked with families in the Lincoln, NE area since 1994.
As you begin to learn about your life insurance options, you will need to devote some thought to the type of policy that best suits your needs. You will also need to consider the impact that inflation and estate taxes will have on your loved ones. Term and whole life are the primary types of life insurance policies. Term policies are in effect for a predefined period. They can be renewed, but each renewal will be more expensive than the last. They are more economical than whole life policies, but they do not accrue cash value over time. Whole life policies, on the other hand, remain in effect throughout the policy holder’s lifetime. While the premiums are higher, they build cash value. This can be borrowed against if you need to.
In the Lincoln, NE area, our team at Richards Insurance Agency is ready to discuss your life insurance options. Contact our office for general information or to learn how to get a quote. Your family’s future is important. We want to help you get the best available coverage. Take a few moments today and give us a call!
How much life insurance you will need will depend on financial and personal circumstances. You will need enough to replace income and cover dependents’ expenses, including any future ones.
- Financial Obligations: If you aren’t sure about your financial obligations, start with considering your debt. If you die with outstanding debt, your survivors may be responsible for it if they cosigned on a loan. You want to make sure you leave enough for beneficiaries to pay off the debt, especially if it’s a home or family car. Be sure to factor in the cost of raising children. If you have dependents, this may mean you need to increase your life insurance policy. If you have kids, you may also want to factor in the cost of college when getting life insurance. Plan what college costs will be and take into account increases over time.
- Personal Considerations: Your age and health not only determine how much you should get but for how long you will want it. The older you get, the less you need because you should have fewer dependents and less debt. As you get older, the more expensive life insurance becomes. So, it’s best to purchase a policy when you are young and healthy to get a more affordable rate. How much life insurance you can afford should be a consideration as well. A life insurance policy isn’t good if you can’t afford it.
An agent at Richards Insurance Agency in Lincoln, NE can help you determine how much coverage to get. It’s good to tally up your resources, which include liquid assets and after-tax income. Then figure out your financial obligations with expenses and debt. Subtract liquid assets from financial obligations, and this is your coverage gap. Your coverage gap is how much insurance you should have.
Contact Richards Insurance Agency in Lincoln, NE to get a quote on life insurance and have your questions answered.