Why purchase Life Insurance?

For some, life insurance is an uncomfortable subject. But death is a fact of life and that’s why so many people buy life insurance. They want to make sure their loved ones will be able to meet their financial obligations. If someone dies underinsured, the financial consequences can be devastating to the survivors.
But people are often confused about the types of coverage available.

Before choosing a policy, ask yourself: For what period of time do I need coverage? What premium can I afford? Will I be able to afford more premiums in the future? Am I diligent about saving, or do I need a financial vehicle that offers a disciplined approach to accumulating funds?

Once you have a clear idea of your needs, you’ll be in a better position to know which type of coverage is best for you. Here are the basic two types:

Term Life Insurance

If you need affordable coverage for a specific period of time, consider term insurance. For example, you may need coverage for a mortgage or until your last child finishes college.

Permanent Life Insurance

If you want lifetime coverage, regardless of your age or health, consider Whole life or Universal Life. While such policies may have higher premiums initially, they offer a cash-accumulation benefit that lets you save for the future while deferring taxes.

Farmers Insurance makes providing for your loved ones affordable. For example, consider a 10 year Level Term Insurance policy at $150,000 for a 30 year old male in good health. The monthly cost would be $10.60 and it would be $12.77 for $250,000.

Contact us today for life insurance quotes for your specific needs.

Click here for a free quote