Many people find life insurance overwhelming and often confusing. Life insurance can be complex, because it is a very flexible type of insurance. At the Hargis Family Agency we are able to provide you many options and quotes from multiple life insurance companies, and help you make an informed decision about what is best for you and your family.
There are two basic types of life insurance: Term life insurance and Permanent life insurance.
Term life insurance is a policy that is in effect for a certain period of time, and has a face value (coverage amount) that you will specify when you purchase the policy. In the event of death within the specified term, the insurance company pays the face value of the policy as a death benefit to your beneficiaries.
Permanent life insurance is a policy that is active for your entire lifetime, and will pay out regardless of when you die. It also differs from term by accumulating cash value, and offering many other living benefits.
Life insurance is an important component to your portfolio. It provides a tax free death benefit to help cover loss of income, funeral costs, settle outstanding debts, provide educational expenses for children, and meet other financial needs that a family member may have if you should die unexpectedly. Life insurance can also help with retirement and estate planning as well as business continuation.
Life insurance can be tailored to your specific needs. The amount of life insurance you need depends on your goals, and your personal situation. We can help you determine how much life insurance you need, and what type is best for your unique goals and circumstances.
A life insurance policy is a contract arrangement between you, the policyholder and the life and insurance company. The policyholder will select the amount of insurance desired, and pay the premium to keep the policy in force. You may pay the premium in a lump sum, annually, semi annually, or even monthly.
The cost of life insurance varies considerably based on many factors. The cost will be affected by the type of life insurance policy, face amount, age, gender, and your health profile. It is important to compare multiple