For some residents of the city, life insurance is a necessity; for others, it’s a foreign concept. In a diverse city like Lexington, people come from all kinds of backgrounds but the one thing we’re all susceptible to is death. It’s not exactly dinner talk but at one point or another, you will be faced with the issue of your own mortality. Depressing as it may be, we all pass away and those left behind are responsible for tying up loose ends. Make it easier on your loved ones by purchasing Lexington, KY life insurance.
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Lexington/Fayette County Health Assessment
- 27% of the population smokes
- 26% of the population is obese
- For every 100,000,000 miles driven, there are .5 motor vehicle deaths
- For every 100,000 workers, 4 suffer an occupational fatality
- Per 100,000 people, there are 343 cardiovascular deaths
- Per 100,000 people, there are 218 cancer deaths
- The county has a high rate of premature death
When Should I Buy Lexington Life Insurance?
You can purchase a life insurance at any point in time but if you’re looking to lock in low rates for a long time, buy a policy when you’re young. Many life insurance companies require that you take a physical test before purchasing a policy. This gives the insurance company an inside look at how much risk they run based on your health. Barring a freak accident, generally healthy people have a lower risk of dying earlier. But, that doesn’t mean you shouldn’t buy a policy later in life. Many individuals don’t begin to consider the importance of life insurance until they start a family. The reality is that there’s no wrong time to buy life insurance.
Is Lexington Life Insurance Affordable?
It can be if you purchase term life insurance. This is a very basic policy that pays death benefits to family members of your choice when you die. You select the number of years the policy should be effective and the number of death benefits. Then, your premiums are locked in for the life of the policy. This is one situation where purchasing life insurance at a young age would save you money down the road. Of course, there are other options. If you want a life insurance policy that builds your investment portfolio, permanent life insurance may be right for you.
What Is Permanent Life Insurance?
This policy is effective for your entire life or until you reach the ripe old age of 100. Similar to a term life policy, you select the number of death benefits that you want but there is one main difference. Permanent life insurance policies contain a cash value investment that accumulates value over the life of the policy and is also distributed at the time of your death. The rate at which you accumulate cash value and the premium you pay depends on which type of policy you choose:
- Whole life insurance
- Universal life insurance
Whole life is generally regarded as an even-keeled policy that has level premiums and rate of return throughout, while universal life is subject to market fluctuation but offers more flexibility. There are pros and cons to each plan. With the help of an agent, you can figure out which one is right for you. Compare Lexington life insurance quotes on our website and get a customized policy to meet your needs.
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