You work hard to make sure your loved ones are healthy, happy, and well-cared for. As much as you desire to be there for your family through thick and thin, there is no way to know what the future holds. One of the most important gifts you could ever give your loved ones is the gift of financial security if you are no longer available to provide for them. Though we hope you never need it, life insurance can take care of your family’s needs if you pass away unexpectedly.
When you choose Gary Ellis Insurance for your life insurance needs, you are putting your trust in an independent agent who can shop around on your behalf. We have access to life insurance from several different companies, helping to ensure a good value on the coverage you need.
Term Life Insurance
Term life insurance is widely considered the most affordable type of coverage, which may be ideal for young families or people with limited budgets. Term life is coverage for a specified term – usually between 10 and 30 years. During this time, the policy will pay out benefits in the event of the insured’s death. The benefits are not taxable, and the premiums are generally more affordable than permanent coverage options.
Many people choose term life insurance as a way to replace income, pay off debts, cover final expenses, and ensure coverage of future expenses, such as a child’s college education. You can choose a death benefit that best meets your family’s needs, from as little as a few thousand dollars to as much as $1 million or more.
Term life insurance may be right for you if you:
- Have dependents who rely on you for income
- Provide services of value within your home, such as childcare and household cleaning
- Have outstanding debts that could be burdensome to your survivors
- Wish to fund a child’s college tuition or a spouse’s retirement
Permanent Life Insurance
As the name implies, a permanent life insurance policy will cover you for life. In comparison to term coverage, permanent life insurance is a much more versatile insurance product that can provide long-term financial benefits. In fact, many people use permanent life insurance not only for its death benefits but also as a means of planning for retirement or accessing cash when it’s needed most.
There are several different types of permanent life insurance, some of which include:
- Whole life insurance
- Universal life insurance
Permanent life insurance offers living benefits in addition to a death benefit. Since policies accumulate cash value over time, policy-holders can provide themselves with guaranteed cash flow when necessary. Depending on the type of policy you choose, your permanent life insurance can offer a locked-in fixed rate for life (whole life coverage) or flexible premiums that can fluctuate according to your needs and budget (universal life).
Which Type of Life Insurance is Right for You?
With so many life insurance options available, it can be difficult to determine which type of coverage is right for you and your family. Here at Gary Ellis Insurance, we work closely with our clients to evaluate their coverage needs based on current income, assets, debts, and future financial goals.