A Guide To Life Insurance.

 

seniors considering life insurance.


 

Planning for your death can be difficult, but if you have loved ones, it’s a very real necessity. You don’t want your spouse, children, or parents to be burdened with debt or left to pay for your final expenses when you pass. Taking the time to choose the proper life insurance policy now will provide you with peace of mind knowing that your family will be taken care of when you are gone.

 

In today’s blog post from Medi-Solutions Insurance Agency, we’ll be discussing life insurance. Continue reading to learn about how to determine whether or not you need life insurance, how to calculate how much life insurance you need, as well as the different types of life insurance available. When you are ready to make a decision that will protect your family and loved ones, contact the team at Medi-Solutions Insurance Agency today.

 

What Is Life Insurance?

Life insurance provides your loved ones or other named beneficiaries with an agreed-upon amount of money after your death. You are required to pay a premium throughout your life or for the term of the life insurance policy and in the event of your demise, the insurance company pays out a cash benefit to the beneficiaries named on your policy. Life insurance has many components and variables which is what makes it difficult to navigate without the help of an experienced insurance agent. At Medi-Solutions Insurance Agency, we can help you sort through your life insurance options and choose the one that is right for you and your family.

Do You Need Life Insurance?

Many people use life insurance as a way to pay for their final expenses and to provide their family with enough money to continue to live their current lifestyle even after their death. Others use it to ensure that their spouse can continue to pay their mortgage and to provide enough money to pay for their children’s college expenses. And others may use it to help provide for a disabled dependent who needs expensive long-term care. These examples are just a few common ways that life insurance is used. There are many other situations and circumstances that dictate the need for life insurance. A good general rule to whether or not you need life insurance is that if you would leave a loved one with a financial burden in the event of your death then life insurance is necessary.

How to Calculate How Much Life Insurance You Need

There are many variables that should be considered in order to calculate exactly how much life insurance you need. First, you’ll want to determine your purpose for deciding to sign up for a life insurance policy. Are you choosing to get life insurance to ensure that your spouse can afford the mortgage after your death? Do you have dependents? How much debt do you currently have? You’ll want to ask yourself these questions plus more to determine the amount of life insurance you should get. While it is sometimes suggested that you calculate your needed life insurance by multiplying your yearly income by five to seven times, this suggestion is not a substitute for proper planning. If you are considering signing up for life insurance, you should take the time to plan accordingly.

 

seniors considering life insurance.


Types of Life Insurance

Life insurance comes in two major categories: term life insurance and permanent life insurance. Each of these types of life insurance can then be broken down further into subcategories. In this section, we’ll provide a brief overview of the two major types. If you would like to learn more about the different types of life insurance and which is best for you, the agents at Med-Solution Insurance Agency can help.

Term Life Insurance

Term life insurance provides protection for a set period of time. For example, a term insurance policy may provide protection for the next 20 years. After that 20 year period is over, you may have the option to renew your life insurance plan, but your rates can change based on your health, age, lifestyle choices, and other factors. Term life insurance typically has lower premiums than permanent life insurance. There are a number of different term life insurance policies including, but not limited to, the following:

  • Level term life insurance
  • Return of premium term insurance
  • Annual renewable term life insurance
  • Decreasing term life insurance
  • Increasing term life insurance
  • Convertible term life insurance

Permanent Life Insurance

Permanent life insurance policies are designed to provide long-term or lifelong protection as long as you continue to pay your premium. The premium on a permanent life insurance policy is usually higher than the premium of a term life insurance policy. Some of the most common types of permanent life insurance include the following:

  • Whole life insurance
  • Universal life insurance
  • Variable life insurance

How to Choose the Right Life Insurance

There are many variables that can affect what type of life insurance is right for you. From your salary to the number of your dependants and their ages, there are many considerations you should make before deciding on a life insurance plan. If you’re ready to choose a life insurance policy, it’s time to contact Medi-Solutions Insurance Agency. Our friendly and helpful agents can help you determine exactly which policy is ideal for your situation. Contact us today to learn more.

 

Disclaimer: Medi-Solutions Insurance Agency, LLC is not connected or endorsed by the US Govt. or Federal Medicare Program.

 

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