It’s the perfect time to inform you of the many benefits of life insurance since September is National Life Insurance Awareness Month! Many people do not understand the valuable purpose of having life insurance. They ask the usual question, “Why do I need life insurance if I’m eventually going to die like everyone else?” Well, put it this way, everyone needs life insurance. It provides you and your loved ones a peace of mind for if/when you die. There are two basic types:
Term Life – Protects you for only a specific period of time such as 10, 20 or 30 years. Premiums remain the same during the life of the term.
According to MetLife, term life insurance:
- is often the most affordable coverage because it offers protection for a specific number of years.
- helps cover specific financial responsibilities like a mortgage or college expenses.
- supplements a permanent policy or work policy.
The three kinds of term life insurance include:
Simplified Issue
For coverage amounts below $100,000, we offer simplified issue term life insurance, with no medical exam and decision in as little as 24 hours.
Level
For coverage amounts $100,000+, we offer term life insurance policies with premiums guaranteed not to increase for the length of the level premium period you choose.
One Year
One year non-renewable term life insurance for a short-term solution. Clients looking for coverage beyond a year may be able to add the Convertible and Renewable Options Rider which extends coverage to five years with increasing premiums and allows conversion to a permanent policy after the first year.
Whole Life – You are covered during your whole lifetime.
According to MetLife, whole life insurance:
- is protection for life.
- have payments that stay the same each year.
- allows you to put additional money into the policy on a tax-favored basis.
- has cash value you can use while you are living.
- guarantees:
Level premiums
The premiums you pay are guaranteed to remain the same for the life of the policy, regardless of age or health.
Death benefits
Beneficiaries will receive at least the face amount of the policy upon the death of the insured, assuming you do not have outstanding policy loans and that the policy premiums are paid on time.
Cash value
Your cash value will grow each year, tax-deferred, until it matches the face value of your policy. When you need it most, you’ll have access to your cash through loan and withdrawal options.
Long Term Care & Disability Insurance is also available.
According to AARP,
Long Term Care Insurance – Hands-on assistance provided for an extended period of time to people (of any age, though older people are the primary users) who are unable to take care of themselves due to a prolonged disability, illness, or cognitive impairment.
According to MetLife,
Disability Insurance – Able to replace a portion of lost income if you are unable to work due to sickness or injury.
Contact Troy Insurance to set up your life insurance policy today.
