With a population of more than 230,000, Madison experiences loss of life every day. Some individuals pass away from natural causes, while others fall prey to deadly diseases like heart disease and cancer. Still, others’ lives unfortunately end prematurely with a car crash or work accident. Those left behind, although they grieve the loss of a loved one, will have to endure the hardship of daily expenses and obligations if the deceased was a primary provider for the family. Make sure you provide for your family's future. Purchase Madison, WI life insurance, and give your family financial stability when they need it the most.
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Top Five Leading Causes of Injury Deaths
- Car accidents
Common Madison Life Insurance Terms
In your search for life insurance, you may come across unfamiliar insurance terms. Even understanding the different coverage options can be difficult to remember. These are the basic types of life insurance:
- Term life insurance: This is an affordable type of insurance that allows you to purchase life insurance for a specific time period. That period may range anywhere from 5 to 30 years, and you can purchase the death benefit of your choice. Term life starts as low as $15,000 and can increase to millions of dollars. If you die during the specified policy term, your beneficiaries receive the death benefit. If you don’t die during the policy term, you can simply renew your policy. Term life insurance provides for fixed premiums during the policy term.
- Permanent life insurance: This type of insurance is similar to term life coverage, but it tends to cost more because it also includes an investment component. In addition to paying a premium so your beneficiaries can receive the death benefit, you can also invest cash to accumulate tax-deferred savings. There are two types of permanent life insurance policies:
- Whole life insurance: This type of insurance has predictable premiums and a steady rate of return on your investment.
- Universal life insurance: This type has a tendency to fluctuate in value depending on market conditions, which can be good or bad. It’s more flexible than whole life and allows you to withdraw cash for approved personal or business matters.
When trying to decide between the two types of Madison life insurance, you may also come across these terms:
- Annuities: You will come across this term, especially when working with permanent life insurance. This type of insurance will provide either an immediate annuity, which begins paying you right after you make your investment, or a deferred annuity, which allows your investment to build over time and pays you later.
- No exam life insurance: Some insurance companies allow you to bypass a health exam to obtain life insurance, but this insurance type is more expensive. Normally, your health determines how high your premiums will be. The healthier you are, the less risk you pose to the insurance industry through early death.
Finding the Right Coverage
A stay-at-home mom may not need the same type of policy as the father that works every day. A 25-year-old just starting out won’t need the same type of coverage as a retired 74-year-old grandmother. Buying life insurance is a personal decision. Purchasing a plan on line may seem simple, but it probably won’t give you the comprehensive plan you might need. Your member agent can compare Madison life insurance quotes to find affordable rates. A Trusted Choice® independent agent will work with you to find out how much you can afford and determine the best policy for you.
To get a personalized Madison life insurance policy that meets your needs and budget, contact a Trusted Choice agent.