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Life Insurance Information
Planning for your future can be difficult, especially when you think about your death and how it may affect your loved ones. Many people choose to provide some financial security for their families with life insurance. Life insurance can help you feel more secure, knowing they will have financial protection when you die.
What Is Life Insurance?
Death can be a difficult financial loss for your household. Life insurance is a type of insurance policy. At the end of your policy’s term or following your death, your policy pays out a designated sum of money to your loved ones, also known as beneficiaries. They can use this money (death benefit) as they see fit.
What Are the Types of Life Insurance?
When considering a life insurance policy, you may wonder what types of coverage you are available. Term life and whole life insurance the two main types of life insurance. The primary differences between whole life insurance versus term life insurance are as follows:
-Term life insurance can provide money for your beneficiaries if you die during your policy’s term, which may be a period of 10, 20, 30 or more years, depending on your policy. If you don’t die during this period, your policy won’t pay, and you need to reapply for a new policy to continue coverage.
-Whole life insurance lasts for the rest of your life once you’ve enrolled, and your policy won’t expire unless you stop paying it. Whole life can offer a cash value investment opportunity, giving you a revenue source while you’re alive and the eventual death benefit.
There are numerous other types of life insurance, such as final expense insurance, mortgage protection insurance and mortgage life insurance. The agents at Michael Noe Insurance Agency can explore if any different types of coverage would be beneficial.
How Many Life Insurance Policies Can You Have?
You may have multiple life insurance policies. However, insurance companies might review your existing coverage to ensure you aren’t exceeding your insurability limit—usually 20 to 30 times your annual income. Life insurance is meant to replace your earning ability, not to increase your beneficiaries’ wealth significantly.
If you’re unsure of your coverage needs, start with one policy and adjust your coverage over time. We can help you find insurance that’s suitable for your situation.
How Much Life Insurance Do I Need in Retirement?
Once you are near retirement age, it’s a good time to re-evaluate your senior life insurance options. Whether you have a current policy—or a few—or want to purchase a policy, it’s crucial to determine the amount of coverage you might need if you die. Consider debts, children, dependent spouses and other financial obligation when deciding what life insurance is best and how much coverage you need in your retirement.
Why Is Life Insurance Important?
Life insurance is vital for various reasons. A policy enables you to give your loved ones a financial safeguard. You might financially care for your family now, and your life insurance policy could replace this income when you die. This money can be used for anything—from funeral and mortgage payments to everyday bills and expenses.
Plan for Your Future Today
Since 2008, Michael Noe Insurance Agency has served the communities of Alabama through our locations in Northport and Florence, Alabama. Call our Northport office at 205-333-7133 or our Florence office at 256-767-4237 to get started on your life insurance policy.