Bloomington Life Insurance

Your Complete Guide to Bloomington, IN, Life Insurance

(Find the right life insurance policy for you)

The average life expectancy for a Bloomington resident is 78.5 years, while Indiana’s is 77.2 years. Bloomington locals, on average, live a longer life than the state median, so it is important to have a life insurance policy. Your loved ones may not be financially ready to support themselves with an untimely death. A life insurance policy will make sure that the ones you care about will be okay in the case of your passing.

A life insurance policy in Bloomington is made simple when you use an independent insurance agent. A local agent will guide you through the different coverage options and policy types available for you, so you can be sure to make a smart decision. Contact an insurance agent near Bloomington to get started.

What Can Bloomington, Indiana, Life Insurance Do for You?

You never know when an untimely death will occur. Accidents are the fourth leading cause of death in Indiana. That is why it is crucial to make sure that you have a policy in order so your loved ones will be provided for.

Your loved ones can focus on healing while your life insurance policy will help them financially. Your life insurance policy will provide coverage to things such as:

  • Paying for college tuition or mortgage
  • Covering your funeral and burial costs
  • Paying off accumulated debt
  • Donating to your favorite charity

If you have a whole life policy, you can use accumulated funds at any time if you need to recover lost income or cover financial burdens such as loans, rent, mortgage, or any other debts.

Reasons to Have Life Insurance in Bloomington, IN

A life insurance policy is an important purchase for Bloomington residents to protect your loved ones from financial hardships in case of an untimely passing. This policy is especially beneficial for new families, homeowners, and anyone who is relying on you monetarily.

Most importantly, the younger and healthier you are, the less expensive life insurance will be. It is recommended to purchase this policy while you are still young so that the rate is affordable because the older you get, the more health risks you have.

Indiana Mortality Statistics

The national average for life expectancy is 78.5 years, while Indiana’s is 77.2 years. Indiana is rated the 41st state for life expectancy in the nation, making it one of the lowest age expectancy states in the country. Residents in Bloomington, on average, live longer than other residents in the state, however, it is important to have a life insurance policy. Below are the top five causes of death in the state each year:

  1. Heart disease: 14,445 deaths
  2. Cancer: 13,462 deaths
  3. Chronic lower respiratory diseases: 4,375 deaths
  4. Accidents: 3,978
  5. Stroke: 3,150

Average Funeral Costs

  • Cremation with no memorial service: $2,000
  • Cremation with a traditional funeral service: $10,000-$12,000
  • Burial with a memorial service: $10,000
  • Burial with a traditional funeral service: $15,000

These days the average funeral can cost upwards of $15,000. It’s significant to make sure that your loved ones are left with a life insurance policy that will help them through this expense.

Types of Life Insurance Policies

There are two major types of life insurance policies available known as term life insurance and permanent life insurance.

Term Life Insurance

Term life insurance is a great place to start if you do not currently have life insurance. This policy is the less expensive option and is designed to provide coverage during times that you really need financial security. This policy is typically chosen by new families or people who have just bought a house.

This policy is available in varying time periods and is flexible with your changing needs. However, at the end of your term you will no longer have the policy and can purchase a new policy. You may find it difficult to find affordable coverage if you are older or sick.

Permanent Life Insurance

Permanent life insurance is an umbrella for different types of life insurance policies that never expire. These policies include:

Whole life insurance: This policy is paid out to the beneficiary or beneficiaries upon the insured’s death. In addition to being covered your whole life, it also contains savings where cash value may accumulate. The policyholder can access this cash while alive, if needed.

Universal life: This policy is characterized by its unbounded pricing structure and flexible premiums. Any time you make a payment towards this policy, part of it goes into an investment account and you receive the interest. This policy is paid out to the beneficiary or beneficiaries upon the insured’s death.

How an Independent Agent in Bloomington, Indiana Can Help

A local Bloomington independent agent can help guide you through your various options and answer your life insurance questions. Your agent will compare multiple rates from different insurance companies to make sure that you get the best policy for you. Contact a local independent agent near you to get started.

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