Content Top

September is Life Insurance Awareness Month

Your need for life insurance coverage is constantly evolving throughout the span of your life. Getting back to the basics, life insurance is designed to support your dependents in the event of your death. But your children, spouse and parents will need varying degrees of financial support over the years. For this reason, it’s recommended that you review and make necessary changes to your life insurance policy every year and after a major life event, such as birth, death, marriage, divorce, significant pay raise or purchasing a home.

Apart from how much coverage you need, you also must consider what type of coverage meets your needs. The two main types of coverage are:

  • Term life insurance: Offers coverage for a pre-determined period of time. Benefits are only distributed to beneficiaries if you die within this term.
  • Permanent life insurance: Offers coverage for your whole life, so long as you continue making payments. Many of these policies also accrue cash value over the years, making it a good option for leaving an inheritance to beneficiaries or transferring wealth to a charity.

Many young individuals and couples select term life insurance because it’s often sufficient for both their needs and budget. Permanent life insurance may be a better option for established families. In some cases, families may purchase term life insurance on top of permanent life insurance to meet a temporary need, such as while their children are attending college.

Another consideration as the years go by is the list of beneficiaries on your policy. For instance, if you name your child a beneficiary and then have another child a few years later, you may wish to add your second kid to your policy.

Note that your life insurance premiums are largely determined by your health. Because people are generally healthier in their 20s and 30s than they are in their 50s and 60s, buying life insurance at a younger age often locks in a lower premium rate. Contact us for a quote today!

Posted 10:41 AM

Share |

No Comments

Post a Comment
Required (Not Displayed)

All comments are moderated and stripped of HTML.
Submission Validation
Change the CAPTCHA codeSpeak the CAPTCHA code
Enter the Validation Code from above.
NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive

View Mobile Version

Social  Social  Social  Social  Social


Christian Business Referrals
Contact Us
About Us
Our Staff
Our Community
Why Insurance Beacon?
Our Carriers/Partners
Awards & Recognition
Trusted Choice
Car Insurance
Life Insurance
Small Business
Other Insurances
Customer Service
Report a Claim
Pay Your Bill
Request a Quote
Contact Us

15270 W Brookside Ln, Suite125 Surprise, AZ 85374
Phone: 623.584.0071

2000 W Wickenburg Way, Suite 400 Wickenburg, AZ 85390
Phone: 928.684.2121

Social  Social  Social  Social  Social Social

Powered by Insurance Website Builder