As some of the statistics show below, life can be precarious in Louisiana. You could be a very healthy individual, working hard to raise your family, save for retirement and prepare for your future. But what if that future gets taken away? In Louisiana, it could happen sooner than you may think. While you’re busy building that nest egg, have you thought about whether your family will it be OK without you? Can bills be paid without your income, should something happen to you?
Louisiana life insurance is available to protect your family. With life insurance, there is no need to leave an uncertain future for your family.
As you can see from the numbers above, Louisiana residents have challenges to face, besides trying to get your life in order and accumulate assets for your family. You are a responsible person who works hard for your family, providing the best life that you can. And when facing these challenges, it is a very responsible plan to ensure that your life has some value while you are working on accumulating those assets.
Louisiana life insurance pays your family (or whomever the beneficiary is on the policy) a given amount, called the “face value”, to cover burial costs, any medical bills and to pay for the family’s living expenses and/or lost income from the death of the insured on the policy. Once the insurance company determines and/or confirms cause of death to be a covered event, such as natural causes, accident or some other unforeseen cause, the company pays the amount to the beneficiary.
The biggest factor in determining how much Louisiana life insurance to get is determined by your income, your family’s assets and whether you get some version of whole life insurance or term insurance policy. As whole life covers you for your entire life, and thus guarantees a payout, those policies will usually be more expensive for a smaller face value.
A term life policy, which could be in force for 10, 20 or even 30 years, will be cheaper, because it does not have a savings or investment component, and it only pays out if the insured person dies during the time the policy is in place. In many instances, you can buy three to four times more coverage with a term policy than with a whole life policy for the same premium.
Whole life, however, can be used as a savings vehicle in case you’d like to improve on your retirement savings. You can also opt for a universal life policy, which is a form of permanent life insurance like whole life. Universal life insurance offers additional flexibility in rates, investment options, and payout options.
Protecting your assets from an untimely passing is a loving gift for your family. Don’t leave your family grieving and scared about their future without you; take care of the future by getting some Louisiana life insurance quotes and a policy from a Trusted Choice® agent near you.