Only 57% of American adults have life insurance, and of those, 32% only have life insurance policies through their work. Unfortunately, if these people leave their jobs for any reason, they also lose their insurance. As a resident of Gaylord, you can ensure that your loved ones will be financially cared for in the event of your passing by purchasing a life insurance policy.
Purchasing life insurance can be confusing. There are many different policy types and coverage options available to you, and this can make it difficult to decide which choices are right for you. A local independent insurance agent can help you review your options so that you can make an informed decision. Contact an insurance agent near you to start comparing customized life insurance quotes.
Who in Gaylord, MI Should Buy Life Insurance?
Life insurance is an important investment for anyone who wants to make sure that their loved ones don’t suffer financial hardship in the event of their untimely death. This insurance is particularly important for people who have recently gotten married, bought a new home, started a family, or have others who rely on them for support or income.
Even Gaylord residents who are young and single may want to consider purchasing a policy. This is because the younger and healthier you are when you buy in, the less expensive your life insurance premiums will be. It’s best to lock in a great rate before future health problems make you an expensive, or uninsurable, risk.
What Can Gaylord Life Insurance Do for You?
What if you are involved in a fatal collision on I-75? What if you are in a serious accident while skiing at the Treetops Resort? Though chances are good you will live a long life (the life expectancy in Otsego County is 79.21 years), there are a number of ways that an accident can bring about an untimely end.
In Michigan, the fourth leading cause of death is accidental or unintentional injuries. Accidental deaths are often sudden, leaving no opportunity to get one’s affairs in order or make sure that family members will be provided for.
Life insurance can handle the financial aspect of your loved ones’ loss so they can focus on managing their grief, healing, and moving on. A good life insurance policy can provide enough money to pay for the things that matter most to you. This can include sufficient funds for such things as:
- Paying for your funeral and burial expenses
- Covering the cost of child care to assist your surviving spouse
- Paying for your children’s college tuition
- Providing a financial legacy for your children or grandchildren
- Settling your estate debts and taxes
- Creating trust funds for your family members
- Lending support to your favorite charity
Additionally, if you have a whole life policy, you can use accrued funds at any time if you need to replace lost income or cover financial burdens such as your mortgage, rent, loans and any other debts.
People have different life situations and financial circumstances. Independent insurance agents understand this and can help you determine what you want your life insurance policy to do for you. They can then assist you with finding the right policy to meet your specific coverage needs.
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What Type of Gaylord Life Insurance Should You Buy?
There are two main types of life insurance policies available. These are known as term life insurance and permanent life insurance.
Term Life Insurance
Term life insurance is the least expensive type of life insurance. Unlike whole life, it has no cash value. Term life policies are designed to provide a high amount of coverage during the times that you are most in need of financial security. These policies are typically purchased by people who have recently gotten married, bought a house, or started a family.
Term life insurance provides coverage for a given amount of time (term), typically between 5 and 30 years. If you should pass away at any time throughout the duration of the term, your beneficiaries will receive compensation in the amount of coverage you have purchased.
At the end of your term, the policy is no longer in effect. At that time, you can opt to purchase a new policy. However, if you are older or have been diagnosed with a chronic or fatal illness, you may find it difficult or impossible to find affordable coverage.
Permanent Life Insurance
Permanent life insurance, as its name suggests, does not expire. There are different types of permanent life insurance such as whole life insurance and universal life insurance. In addition to paying out death benefits to your beneficiaries if you should pass away, these policies also hold a cash value and can be used as an investment.
Permanent life insurance policies cost significantly more than term life policies. However, if you buy into them while you are still young and healthy, you can lock in low rates for life. You also have the option of cashing out or borrowing against your policy if you are in financial need.
Let an Independent Agent Help You Find the Right Gaylord Life Insurance Policy
There is no hard and fast rule about which type of life insurance is the right choice for you. When you are shopping for a policy, a local independent agent can provide you with guidance by explaining your various options and answering your insurance-related questions. Your agent can also help you compare prices from different insurance companies.
Are you ready to start comparing customized quotes for Gaylord life insurance? If so, contact an independent insurance agent near you to get started.
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