You always want to keep your family protected and ensure they have everything they need for a good life. But what happens in the event of your death? How will you care for and provide for your family then? That is why life insurance is so important. It provides your family with a security blanket in case anything happens to you. Life insurance is extremely beneficial and there are so many reasons why you need it, but first, you should understand it. At Luna Agency in Lawrenceville, we offer life insurance policies and make getting life insurance simple. Learn more and get in touch with us today.
The first thing you should know about life insurance is that there are different types of life insurance. Life insurance policies generally fall under two categories — term and permanent.
Term life insurance covers a specific period of time, such as 10 to 20 years, and has premium payment amounts that stay the same for the coverage period. This is a good option if you want to provide your loved ones with a lump sum to help replace the loss of your income. You can get term life insurance on your own or through a group policy, or both.
Permanent life insurance can be broken down into two subcategories, which are whole and universal — both offer coverage for your entire life as long as your premiums are up to date. Universal life insurance allows you to choose from single or flexible payments. Once the value of the policy covers the cost of the insurance, you can choose how much you pay. Whole life insurance generally has fixed premiums and guaranteed payout amounts for your beneficiaries. Whole life insurance is a great option if your term life is becoming too expensive.
Your life insurance policy is not something that you should invest in and then forget about. You should change your policy as your life changes. When you buy a home, get married, have children, or get a new job — these are instances when you should revisit your policy and make necessary adjustments. You should also keep in mind that your policy will likely be less expensive when you are young and healthy. As you age, your premiums will increase, and eventually, you will reach an age when term life will get too expensive. At this point, you should consider changing to a permanent life insurance policy. You should also keep in mind that as you age, it becomes more difficult and expensive to qualify for and purchase life insurance. So, be sure to get life insurance while you are young and healthy!
The cost of life insurance will depend on your age, gender, health, lifestyle, and occupation. It will also depend on how much you can afford. It is better to choose a smaller life insurance policy with premiums you can afford now and in the future, rather than choosing a bigger policy with premiums you can’t pay. Our team will be able to help you find a life insurance policy that fits your budget and covers your needs.
One big question when it comes to life insurance is how much coverage is needed. The amount of coverage you need is dependent on where you are in life and who depends on you financially. When you are starting a family, you will likely want more coverage than you will want when your children are grown and supporting themselves. There are many things to consider when deciding how much coverage you need, including if your house is paid off, how many people you have depending on your income, and so on. You will also want to think about potential medical issues, unexpected expenses, and other things that may leave your family in financial trouble.
Do not settle for second best. We understand that people want to get the best coverage at an affordable price. We take the time to learn about you and your insurance needs because we care about the state of your finances. Reach out to us today to schedule an appointment and get your free quote. We look forward to meeting you.
The Luna Agency
1880 Braselton Hwy Ste 103, Lawrenceville, GA, 30043, US