Ensuring the financial security of your family in the event of your passing is a difficult but necessary scenario to consider. It’s tough to imagine how your family would fare without you, but the planning you do today could affect them for decades to come. One big part of a well-thought out, long-term financial plan is a comprehensive life insurance policy.
Unfortunately, many people don’t have life insurance. And those who do, likely don’t have enough. But the fact is, for a reasonable monthly premium, you could have enough life insurance to substantially provide for your family long after your passing.
What type of life insurance should I get?
There are two main types of life insurance: term life and whole life:
- Term life – Term policies are in place for a set period of time (generally up to 30 years) and come at a fixed rate. If death occurs during the term, the beneficiary will receive payment. If not, the terms of the policy—including the monthly payments—must be renegotiated.
- Whole life/Universal – While a term life policy only exists for a set amount of time, a whole life or universal policy is permanent, and guarantees fixed premiums for a lifetime. It may also carry a guaranteed cash value, depending on your plan.
What factors can affect my life insurance premium?
The cost of life insurance depends on several factors, including:
- Age – rates tend to increase as you get older
- Gender – women tend to live longer and their rates tend to be lower
- Occupation – high-risk occupations could increase premiums
- Health/Medical history – a healthy, nonsmoker could potentially pay a lower rate
At Shore Line Insurance Agency, Inc., protecting our clients is our No. 1 priority. As an independent insurance agency, we work with over 35 carriers to ensure that you get the most inclusive policy at the lowest possible premium. We understand that the terms of your life insurance policy can be confusing. Contact us today for a no-obligation, no-cost review of your current life insurance policy; we can help identify coverage gaps and provide you with a quote comparison. Give us a call at 631-744-1200!