Life insurance is a powerful tool in the pocket of individuals who want to protect the financial security of loved ones and perhaps also leverage a policy’s living benefits, too. With so many different types of coverage to choose from, there are life insurance policies designed to fit nearly any need, whether you want to leave a financial legacy, replace lost income for dependents, or help fund your retirement. At First National Insurance, we offer a wide range of life insurance products to help you achieve your financial goals and protect your family’s future.
Types of Life Insurance
There are a lot of decisions to make when deciding how much and which type of life insurance to purchase. Having a local, independent agent by your side can help you make educated decisions about your coverage and choose a policy that is right for you. Although there are several different types of life insurance offered by Wisconsin insurers, most can be defined by one of two categories: permanent or term.
Permanent Life Insurance
This type of insurance offers permanent benefits for life so long as the policy premiums are paid. It can follow an insured individual from childhood to old age, accumulating cash value through paid-in premiums along the way. Some permanent insurance policies called universal insurance policies offer an investment feature, which may facilitate growth in the policy’s value. Policyholders may also be able to borrow against its value or surrender the policy for cash.
Term Life Insurance
A term life insurance policy offers coverage that expires after a pre-determined period of time. It also does not accumulate any cash value from paid premiums. However, a term life insurance policy’s death benefits are usually very high in relation to the cost of premiums. This makes it a popular choice for families who need to protect against the loss of household income should a primary earner pass away. Terms vary, and can often range from as little as 10 years to as long as 30 years or more.
Who Needs Life Insurance?
You probably know that life insurance can help cover final expenses, including funeral and burial. It can also help survivors pay for other remaining expenses, including medical bills, household debts, and new bills for childcare, housekeeping, and lawncare incurred as a result of the loss of the insured. Many policyholders choose to purchase enough insurance to cover the loss of household income and to help fund a major expense, such as a child’s college tuition. The personal reasons you choose to purchase life insurance will be unique to your family’s individual circumstances.
Keep in mind that life insurance purchased through an employer may not be enough to cover your needs, nor may it provide the long-term security you would get on the private market. Often, employer coverage is limited and may even be contingent upon your continued employment. Your independent agent can help you determine if a private policy may better serve your family’s needs.
Wisconsin Life Insurance Quotes
If you need a new life insurance policy, First National Insurance can help. Our coverage options are versatile and can fit your needs at nearly any stage of life. Whether you are planning to start a family or preparing to send the kids off to college, talk with an independent agent to discuss which coverage options may be right for you.