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Today’s Life Insurance Rates

Life insurance is not the first thing anyone looks at buying, however, it is an important financial tool most of us will need at some point in our lives. Our insurance directory offers an instant way to match yourself with some of the best life insurance companies offering many different kinds of policies. Would you be in the need for a cheap term life insurance policy? Looking for some permanent coverage such as whole life or universal life insurance? Regardless for your reason, finding an affordable insurer who will meet your family’s needs has just gotten easier.

Why do I need Life Insurance

Life insurance is a great tool in helping you prepare for the unexpected. Leave your family empty handed due to an untimely death is not high on anyone’s list. There are many reasons we should consider providing our family with the lump sum death benefit life insurance provides. Some of these reasons include:

  • To Replace Lost Income: The death of a families bread winner would be devastating without proper planning. Life insurance helps to replace the bread winners lost income, enabling a family continue with their lives even after suffering such a traumatic lose. After the lose of a loved one the last thing you want to worry about is how to pay your bills moving forward. But what amount of  insurance is right to replace a loved ones income? That question is asked a lot. It is probably best for you to speak with an experienced insurance agent so you can determine what death benefit amount would be right for your specific situation.
  • To Pay Off Debt: Most of us carry some credit card debt and student loans but the largest debt most households have is their outstanding mortgage balance. It is usually encouraged that you are insured for an amount large enough to pay off all your outstanding debt. For those who are taking out a mortgage and our unsure if mortgage insurance is right for you, you will need to compare the cost of the mortgage insurance with that of a term policy with duration equal to the term of your loan.
  • To Pay Final Expenses: The final months of a person’s life can usually be the most expensive when you include medical bills and legal fees. Add in the funeral and other related expenses and your final expenses can add up quickly. Having enough life insurance to pay off these expenses can be fairly inexpensive. Compare cheap life insurance quotes from quality insurers to ensure you have the finances necessary in your time of need.
  • To Pay for a Child’s Education: It takes hard work and proper planning to send your kids to college. One specific part of the planning process is what will you do should you or your spouse pass away. Life insurance can provide the necessary funding needed to send your kids to school if your significant other passes away unexpectedly.

What Type of Life Insurance can I get

Life insurance comes in many different forms but generally fall into two specific categories, term and permanent. The two most common forms of permanent life insurance products are whole life and universal life.

  • Term Life Insurance: Term life insurance provides coverage for a set number of years. An example of term life insurance would be a $300,000 10-year term life policy. In this policy example the insurance would provide a $300,000 death benefit for 10 years as long as the insurance premiums are paid. Often referred to as pure insurance, term life insurance does not accumulate any cash value. Usually term life insurance is the least expensive form of insurance but speak with a licensed representative from a quality insurance company to compare your different options before you make a final decision.
  • Whole Life Insurance: Whole life insurance provides permanent coverage for the insured until the time of death. Whole life policy monthly premiums are higher while cash value grows within the policy over time. This cash value can be used to buy additional death benefit or used as a loan. While most whole life policies need payments to be made for the life of the policy there are exceptions. A single pay whole life policy allows for a single payment made at the beginning enabling that policy to remain in force for the life of the insured. Limited pay whole life insurance allows you to make premium payments over a short period of time. One example of a limited pay policy could require you to pay premiums to age 65 after which the policy is considered paid.
  • Universal Life Insurance: Universal life insurance is a form of permanent insurance available through most life insurance companies. It is similar to whole life but with some differences. While universal life insurance is more flexible and may have more options that whole life the cash value is generated differently and unlike whole life not guaranteed. Types of universal life insurance include single premium, fixed premium and flexible premium. Remember that while universal life insurance does have a cash value feature it is not an investment product. It is a life insurance policy that does offer some access to the cash value but is meant to be used solely as a life insurance policy.

Life Insurance Professionals:

1042 Centerville Cir Vadnais Heights MN 55127
(651) 762-1518 / (651) 762-1812 (Fax)
1045 S Woods Mill Rd Chesterfield MO 63017
(636) 394-5111 / (636) 394-6460 (Fax)
105 1st St E Canby MN 56220
(507) 223-7286

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