We all understand that we won't live forever, but many of us neglect to take action to put a plan in place for what happens when we are no longer here to provide for our families. Although it’s not as fun as taking your family to Hershey park or the Lehigh Valley Zoo, estate planning is necessary to ensure your family’s well-being. In addition to developing a will, consider purchasing Pennsylvania life insurance.
If you aren’t sure where to start, a local independent agent in the Trusted Choice® network is a great resource. One of these agents can help you gather the information you need to understand your options and pinpoint the right policy for your needs. Your agent can also help you compare Pennsylvania life insurance quotes to make sure that you find a policy that fits your budget. Contact a local independent agent in the Trusted Choice network to get started.
Top PA Causes of Death
- Heart disease
- Chronic lung disease
- Nephritis/kidney disease
- Influenza and pneumonia
- Blood poisoning
Do I Need Pennsylvania Life Insurance?
Life insurance isn’t required by law, so many people consider it a luxury or extra expense. However, going without life insurance can put a family's financial standing at risk in the event that the primary income earner dies. Currently, 40 percent of all Americans have no form of life insurance coverage, and many do not have an adequate amount to cover their family's ongoing needs and their children's education if they should pass away unexpectedly.
If you have people that depend on you for income and financial support, purchasing life insurance is a step in the right direction. Even young adults and those without dependents may need life insurance to pay for school loans and credit card debt if they should die unexpectedly. If you aren’t sure whether Pennsylvania life insurance is right for you, or what type of policy to choose, contact a Trusted Choice member agent for personal assistance.
What Is Term Life Insurance?
If you need life insurance, but have a tight budget, a term life insurance product may work best for you. When you purchase a term life policy, you have a policy that lasts for a certain amount of time. Life insurance terms typically range anywhere from five to thirty years. You can also purchase a policy that lasts until a certain age. Death benefits with a term life policy can range from $5,000 up to $1 million. Keep in mind that premiums will be based on the length of your policy and death benefit amount, but the younger and healthier you are, the lower your costs will be.
Term life insurance is a flexible policy. If you need to change your policy, it’s a simple process and you can even convert it to a permanent life insurance policy later in life.
What Is Permanent Life Insurance?
Permanent life insurance still provides death benefits upon your passing, but it also has other advantages that aren’t available with a term life insurance product. For one, permanent life insurance policies feature an account that allows you to accrue tax-deferred cash. You can use this investment account for a number of different expenses, or you can let it sit and accumulate value.
Another big difference between this type of policy and term life is that permanent life insurance lasts until age 100, so you don’t have to continually renew your policy.
Permanent life insurance is more expensive, but there are still ways to save. There are two types of permanent life insurance:
- Whole life insurance: This policy has standard premiums that last for the life of the product, but the rate at which your cash investment increases is moderate.
- Universal life insurance: This policy can be more volatile, but it comes with increased flexibility and more options.
Compare Pennsylvania Life Insurance Quotes
Choosing a life insurance product is a personal decision, and only you can determine which type of policy is right for you. However, an independent agent in the Trusted Choice network can help you identify your personal needs and compare several Pennsylvania life insurance quotes. By reviewing the rates of various policies, based on varying amounts of insurance, you can make an informed decision.
No matter what kind of policy you desire, your agent can help you find a Pennsylvania life insurance plan that suits your family and your budget. Contact a Trusted Choice member agent today for personal assistance.