Less than 60% of American have life insurance and one in five say they do not have enough. Unfortunately, this means that the ones you care about may not be financially ready to support themselves if a loved one dies. Locals in Fort Wayne can have confidence that they will be financially cared for in an event of your passing by purchasing a life insurance policy.
A life insurance policy in Fort Wayne is made easy when you use an independent insurance agent. A local agent will guide you through the many different coverage options and policy types available for you, so you can be sure to make an informed decision. Contact an insurance agent near Fort Wayne to get started.
What Can Fort Wayne, Indiana, Life Insurance Do for You?
You never know when an untimely death will occur. Accidents are the 4th leading cause of death in Indiana. That is why it is important 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 monetarily. Your life insurance policy will provide coverage for 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 Fort Wayne, Indiana
A life insurance policy is a crucial purchase for Fort Wayne residents to protect their loved ones from financial burdens 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 average life expectancy in Fort Wayne is 77.3, which is a little lower than the national average of 78.5 years. The state of Indiana is rated the 41st in the nation for life expectancy, making it much lower than the average. Below are the top causes of death in the state each year.
|Top five causes of death in the state each year|
|Heart disease||14,445 deaths|
|Chronic lower respiratory diseases||4,375 deaths|
|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.
Get Help from a Fort Wayne, Indiana, Insurance Agent
A local Fort Wayne 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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