Trying to decide if life insurance is for you? Here’s a good rule of thumb to follow: if you have a family or people who rely on you for income or support (that includes stay-at-home parents), life insurance is worth looking into. But choosing the best option for you involves more than selecting a good premium rate. Life insurance is not a one plan fits all scenario. In fact, in addition to choosing coverage amounts and benefit payouts, you have different types of life insurance policies to choose from, too! Briargate Insurance will help you navigate the many life insurance options and guide you to which type of plan, premiums and benefit payouts will best protect the financial future of those you love.
Why should I purchase a life insurance policy?
Beyond making sure those that rely on you for income are financially protected, there are many other reasons people decide to purchase a life insurance policy. This could include:
|Paying off your mortgage if something happens to you.|
|Covering final expenses, so your family won’t have to.|
|Boosting the amount of money left to family members in your estate.|
|Making a charitable gift with your life insurance payout.|
Which life insurance policy should I get?
While you’ve probably already heard about term life and universal life insurance policies (two of the most popular options), these policies just scratch the surface of the life insurance plans available to you. Briargate Insurance will help you explore and navigate all the life insurance options to find which makes the most sense for your situation. Here’s a quick breakdown to get you started on how each policy works:
|Universal Life Insurance
A highly flexible, permanent plan that provides a guaranteed death benefit and strong cash accumulation.
|Term Life Insurance
The most inexpensive way to get a large amount of life insurance coverage. Level death benefit term periods with guaranteed level premiums for 10, 15, 20, or 30 years. Coverage expires at age 95.
|Preferred Whole Life Insurance
Fully guaranteed traditional whole life insurance plan with five premium options. Choose from Single Premium Whole Life, Annual Whole Life, 10 Pay Life, 20 Pay Life, and Life Paid Up at 65. Medical underwriting required for preferred rate.
|Simplified Issue Whole Life Insurance
Traditional whole life insurance with five premium options. Choose from Single Premium Whole Life, Annual Whole Life, 10 Pay Life, 20 Pay Life, and Life Paid Up at 65. Guaranteed cash values and premiums.
|Transitional Life Insurance
Provides a high-level life insurance benefit during the years you need it the most, and ends with a guaranteed, paid-up policy that will be there for the rest of your life.
|Graded Death Benefit Whole Life Insurance
Traditional whole life insurance plan with four premium options. Choose from Annual Whole Life, 10 Pay Life, 20 Pay Life, and Life Paid Up at 65. Guaranteed cash values and premiums.
|Single Premium Whole Life Insurance
Increases the legacy you leave to your children or grandchildren. Death benefit is tax-free.
How much life insurance do I need?
Figuring how much life insurance you need is another top question we get from our customers. No worries, though. Briargate Insurance will help you work through this with a few simple questions like: how much do you have saved, how much do you spend each month, how much debt do you have, what are your long-term financial goals (this often includes when you hope to retire and education expenses for children and/or grandchildren), and how much money those you leave behind will need without your income. You can also use this free life insurance calculator to get an idea of the level of coverage you’ll need.