Minneapolis is known as one of America’s 50 Best Cities, according to Bloomberg Business Week. As a resident here, how you protect your lifestyle, your family and your future is undoubtedly of importance. If a life insurance plan is part of your overall strategy, or you are considering buying a policy as an investment, you will find that you may have more questions than answers as you begin assessing which plan is the best fit for you.
An independent agent in the Trusted Choice® network, right here in the Twin Cities, can help you evaluate your unique needs and review the various types of plans. Find a local member agent today who can provide information and quotes on Minneapolis, MN life insurance from a variety of insurers. Your agent will listen to your needs and help you sort through the various options so you can make an informed choice.
Facts About Life Insurance
- Estimated percentage of Americans without individually purchased life insurance: 40%
- Estimated number of Americans without adequate life insurance: 50 million
- Less than half of young families have individually purchased life insurance on either spouse
The Minnesota Department of Commerce urges residents to consider buying life insurance to protect the financial well-being of their families. Some people put off buying a life policy because they find it complicated. Others believe they already have coverage from their jobs. Certainly, many Minneapolis companies offer group life insurance benefits to their employees. However, a policy you buy through an employer may not provide the amount of coverage you need to meet your life insurance goals.
If you buy a policy individually, you can be in full control of the type and amount of coverage you buy, and that policy will follow you, even if you change jobs. Many people actually buy both group life insurance and individual life insurance to make sure their families are fully covered. The good news is that life insurance policies do not cancel each other out, which means you can purchase more than one and receive full benefits from both plans.
As an example, you may have enough term life insurance available through your work plan to cover end of life expenses. If you have dependents, you may want additional life insurance coverage that will provide for their ongoing living expenses in the event that you pass away while they are still young and in school. That is a choice you can make. To learn about the many flexible options available to you, be sure to consult a local independent agent.
Basic Types of Minneapolis Life Insurance Policies
There are variations and hybrid types of policies, but these are the basic kinds of life policies that most consumers buy.
- Term life: A temporary plan that is set for the defined term you choose, such as 10, 20 or 30 years.
- Whole life: A permanent policy that remains in force for your entire life, as long as you pay your premiums, and has a cash accumulation portion that serves as a long-term investment.
- Universal life: Similar to whole life insurance, universal life is a permanent plan with an investment piece. With universal life you have more flexibility in how you pay your premium and what you can do with the cash value in your policy.
In general, term life is the lowest cost life insurance because it only provides a death benefit and does not have an investment portion. Whole and universal life policies are more expensive because they provide permanent coverage and they accumulate cash value in addition to providing a death benefit.
The choices and options can be confusing, and selecting the right amount and type of coverage causes many people to feel overwhelmed by life insurance. The good news is that a local agent can help by assessing your unique needs, providing information on the different types of policies and their benefits, and helping you to choose the right fit for you.
Minneapolis Life Insurance Costs
As with any other type of insurance, your life insurance premiums will depend upon some unique factors. The three factors that will affect your premium rates the most are your age, your habits and your general health. For example, the difference between the cost of life insurance for two people of the same age, when one is a smoker and one is a non-smoker, can be hundreds of dollars monthly.
As an example of the range of costs for Minneapolis life insurance, you may find that you pay as little as $25 per month if you are young and healthy and you are buying term insurance. At the opposite end of the spectrum, you may find that your premiums exceed $1,000 per month if you are over 50, have health concerns and want a permanent policy.
Your profession may affect your rates too. For example, you will pay more for your coverage if you work for the City of Minneapolis Police Department than if you are a professor at the University of Minnesota, because corrections is a riskier line of work.
Different insurers weigh some factors more heavily than others, and the key is to find the company that is best for you.
Compare Minneapolis Life Insurance Quotes
To get the information and answers you need to make an informed decision, work with an independent agent in the Trusted Choice network who specializes in life insurance. Your agent can help you figure out the type of policy and amount that is best for you, and find a fit for your budget.
Get in touch with a Trusted Choice member agent today to compare Minneapolis life insurance quotes and find the right coverage plan for you.