Life Insurance
Life Insurance Policies to Protect Your Loved Ones
Protect the life you want for those who are most important to you. A life insurance policy can help your family by covering expenses such as the mortgage, college tuition, and other day-to-day living expenses. Life insurance allows you to protect your loved ones even after you pass away. Instead of leaving your family with existing debt, funeral costs, and other day-to-day expenses, they will receive a tax-free death benefit or payout. This has the potential to provide financial security and stability. With a life insurance policy, you’re prepared for the worst but can plan for the best. Call today to learn more about the various types of coverage provided by Boyd Insurance Agency.
Term Life Insurance
Most life insurance policies fall into two general categories: term life insurance and permanent life insurance. For term life insurance, the coverage term is typically between 10-40 years, with monthly rates as low as $10 a month. An in-person medical exam is sometimes required, but this policy offers many benefits, including coverage for children, accidental death benefit, and conversion to a permanent policy. Which life insurance policy is right for you depends on your needs and what you’re looking for. Our agents can help you identify the level of protection you need while taking your specific goals and finances into account. Term life insurance is ideal for anyone looking to save money while also protecting their loved ones in the future. Whether you’re single, married with children, nearing retirement, or somewhere in between, an active-term life insurance policy protects whoever may be left with a financial burden if you die. It is also much less expensive than permanent life insurance.
Permanent Life Insurance
The other category is permanent life insurance. Under this policy, your coverage will be your entire life. The monthly cost will vary, depending on your specific needs. An in-person medical exam is sometimes required as well. The benefits that come with this policy include the ability to take out loans or withdrawals on the policy value, accidental death benefit, cash value with tax-deferred growth, and optional add-ons for long-term care coverage. Permanent life insurance is a policy that will last from the time you purchase it until you die, assuming all ongoing payments are made. It can include a separate cash value savings component in addition to paying a death benefit to your family. While alive, cash value can help you pay your premiums, take out loans on your policy, and more. There are several types of permanent life insurance policies available, including whole, universal, and variable. Let our agents help you determine what is right for you.
Factors Will Contribute to Your Life Insurance Cost
A variety of factors influence the cost of life insurance. Some of these factors are personal to you, while others are external.
Age
Your life insurance premiums may be lower if you buy at an earlier age.
Term vs. Permanent
Term policies are significantly less expensive than permanent plans.
Length of Term
Life insurance policies can cover you for 10-40 years or your entire lifetime.
Coverage Amount
The more coverage, the higher the monthly rate you’ll have to pay.
Health History
Everything about your health, past or present, can influence your premium.
Lifestyle
Smoking, drinking, or high-risk activities often lead to higher premiums.
Why You Need Life Insurance
Everyone can benefit from life insurance coverage for their loved ones. You could be just starting out, raising a family, or planning for your golden years—life insurance can help as long as you have loved ones you want to protect in the event that your pass away and can no longer provide for them. The key is to find a policy that works for you. At Boyd Insurance Agency, we have a policy to meet your needs, whether you need a lot of coverage or just the basics.
Your loved ones can benefit from life insurance in the following ways:
- Pay for the rising cost of funerals.
- Make up for lost wages or the value of your time
- Pay off your debts
- Make provision for a college education.
- Bequeath an inheritance
