Baton Rouge is a lovely Louisiana college town that was recently ranked as one of the Top 10 Best Places for Young Adults by Portfolio Magazine. Its strong economy and warm climate, along with the Istrouma Bluff, which protects the city from flooding, can give residents the feeling that the worst is kept at bay. However, unexpected tragedies sometimes happen. Thinking about a Baton Rouge, LA life insurance policy may be the last thing you want to do, but if you have loved ones who depend on you financially, it is important that you do so.
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Baton Rouge Health Rankings
- East Baton Rouge Parish is the 17th healthiest parish in Louisiana
- Baton Rouge is #1 in clinical care in the state
- Approximately 32% of the adult population is obese
- Fewer than 30% of adults are physically inactive
Why Purchase Baton Rouge Life Insurance?
Life insurance is not required by law so many people feel that it is an unnecessary expense. However, if you have family members who are financially dependent on you, a policy may be necessary to ensure their financial well-being if you should suddenly pass away. A life insurance policy may enable your spouse to be able to afford to stay in your home, or it may provide the necessary funds to permit your children to attend college. A smaller policy may be just what you need to cover your funeral expenses and close out your estate.
Many people put off buying life insurance because they feel they are too young and healthy to need it. But this is precisely the time to buy a policy because the longer you wait, the more expensive it will be. If you are still on the fence about whether or not a policy is a good idea, you can speak with an insurance agent, a financial advisor or a trusted loved-one for advice.
Choose the Right Baton Rouge Life Insurance Policy
Choosing a policy type can be the hardest part of purchasing a life insurance policy. There are two very different kinds of policies and each has its pros and cons. The type that is right for you may depend on several factors such as your coverage needs, your financial situation, and your financial goals. In the end, however, it all comes down to your personal preference. The two types you can choose from are:
- Term life insurance: This type of policy stays in effect only for a given number of years, known as a term. If you pass away during the term, your beneficiaries will receive funds in the amount of the coverage you purchased. When the term is up, the policy expires. The advantage of this type of policy is that it is significantly less expensive than a permanent policy and it, therefore, enables you to have high amounts of coverage during the years that you need it most.
- Permanent life insurance: This type of policy will stay in effect for as long as you continue to make payments on your premiums. In addition to paying a death benefit, it provides an added tax-deferred investment component. The cash value of your policy can be collected at any time if needs dictate. There are two main types of permanent life insurance:
- Whole life insurance
- Universal life insurance
Get the Right Amount of Coverage
It can be difficult to decide how much coverage is enough to provide adequate protection for your loved ones. You may not yet know how many children you will have, or what their life goals will be. You do not know how much inflation will grow over the years, so what seems like a lot now might not prove to be very much in 20 years. Because it can be hard to assess how much coverage is sufficient, it is a good idea to speak with a financial advisor or someone who specializes in life insurance for guidance before making this decision. Some things you may want to keep in mind when calculating a figure include:
- The amount currently owed on your mortgage
- The number of children you have and their current ages
- How much you owe in credit card debt, car payments and loans
- The cost of a funeral and burial expenses
There is no right number to choose when deciding on a coverage amount. If you realize later on that you need more coverage than what you purchased, you will likely have to buy another policy, or supplemental policy, unless you have elected a flexible universal policy that permits you to adjust coverage amounts.
Start Comparing Baton Rouge Life Insurance Quotes Today
When you are shopping for your Baton Rouge life insurance policy, you will probably have a lot of questions about coverage types and amounts. An agent in our network can help you by providing honest and ethical guidance so that you can make an informed decision. All of our agents have signed a Pledge of Performance in which they agree to provide their customers with exceptional customer service and trustworthy advice. Allow one of these independent agents to work for you.
Find a member agent with an office in or near your neighborhood today to learn more about Baton Rouge life insurance.