Many find the topic of life insurance intimidating, which is why we have outlined and answered frequently asked questions about life insurance.
Is life insurance for you?If you are thinking about purchasing life insurance or wonder if it is something you should consider, then this is a great article for you to read. There is a considerable amount of value and peace of mind in purchasing life insurance.
At Youngs Insurance we have dedicated Life Insurance Specialists whom can assist you with all your life insurance needs. They have outlined and answered the most frequently asked life insurance questions.
6 Life Insurance Questions Answered
- Why Purchase Life Insurance? Purchasing life insurance assists with the following; family security, covering funeral expenses, providing your family with a lump sum, supporting a charitable fund, college fund for your children or grandchildren – whatever your preference.
- Do I have enough life insurance? This depends on your individual needs and financial situation. Your life insurance agent will do a needs analysis with you to determine a suitable amount of coverage.
- If I am self-employed and purchase life insurance can I put the payments through my business? Yes, you can deduct premiums from your annual income.
- Why is term insurance better than bank mortgage insurance? You own the policy and you assign a beneficiary of your choosing; with mortgage insurance, the policy pays out to the bank. Proceeds from a life insurance company are protected from all creditors (including banks). The amount of coverage with mortgage insurance decreases as your mortgage decreases, but the premiums stay the same; the value of a life insurance policy stays the same and the premium stays the same. Mortgage insurance often costs more (depending on age and health).
- What is Disability Insurance? Insurance that provides a monthly income in the event of an accident or sickness. Protect your income with a custom designed disability insurance policy; protect your wealth and secure your future earnings.
- Do you have to be self-employed to purchase a disability plan? No - some employers do not give benefits to their employees so this, in turn, helps pay their families bills if applicable.
We hope that you have found our life insurance information valuable, if you are interested in more information, such as The Top Factors that Influence your Life Insurance Premium or Why Purchasing Life Insurance Today Makes Sense, please click on the links. Furthermore, if you would like a life insurance quote, please click here.