Yes. Life insurance coverage is an insurance solution that helps the dependents of individuals stay protected in the event of an expected or unexpected death. The passing of an individual is not only a great burden on loved ones, but it can be a financial burden as well.
When dependents require the financial protection of the deceased, this can cause a complicated issue for dependents. But so many different kinds of life insurance policies available to you, how do you know which one to choose? Should you go with term or whole life insurance coverage?
In basic terms, if you have outstanding debts that can be passed along to your family, or you have dependents that rely on your financial protection, then you need to have at least a basic level of life Insurance coverage. However, not all life insurance policies are the same.
Term:
Term life insurance coverage is a form of life insurance that endures for a set amount of time up to 30 years. Term life insurance offers protection for a fixed amount of time and gives your family or beneficiary financial benefits upon your death. Term life insurance is great for those looking for an affordable life insurance option to keep their dependents protected, or those that need more insurance than employers can provide. Term Life insurance is the cheapest today and the most expensive over time. Only about 1-3% of term life policies ever pay a death benefit.
Whole:
Whole life insurance provides a permanent type of life insurance protection that exceeds throughout your entire life, no matter how old you are or your health condition. Whole life insurance guarantees a certain amount in death benefits upon you’re passing, meaning that your beneficiary will get the entire amount agreed upon. Whole life insurance also has fixed premiums, meaning that your premium amount will never change and you always know what to expect. Whole life insurance is great for anyone younger old looking for guaranteed financial protection for their dependents. Whole Life Insurance is the most expensive today, and the cheaper option over time. Whole Life policies always pay in the way of death benefits, cash value, or both.
Since its inception in 1948, Beck Insurance has served the communities of Montpelier, Perrysburg, Sylvania, Toledo, Defiance, Bryan OH and the surrounding areas with quality insurance solutions that fit lifestyle and budget. With a team of agents dedicated to providing you realistic life insurance options, Beck Insurance has a reputation for excellence and a passion for serving the community. By working with quality insurance carriers to provide life insurance that suits your needs, Beck Insurance provides solutions to complex insurance coverage problems. To learn more about Beck Insurance call 877-446-2325 today!
