Huntsville, AL Life Insurance
No one wants to think about getting sick or losing someone important to them, but having those discussions and planning early can save loved ones from financial woes down the road. Different life insurance companies offer a variety of policies and coverage options. The professionals at Pepper, Johnstone & Company, including their agents and insurance agents, can definitely help guide you through the process and help you get a life insurance policy that is best for you, your family, and your business.
Consulting with a financial advisor can help you determine how much life insurance you need and decide which policy fits your individual needs and budget. Obtaining life insurance coverage may require providing answers about your health and financial situation, and it's important to consider what you can afford. Your health and budget are important factors in choosing the right policy.
Types of Life Insurance
There are different types of life insurance policies, each offering unique coverage and benefits. The main categories are term life insurance and permanent life insurance. Understanding the features, costs, and premiums of these different types is important when choosing the right policy for your needs.
Term Life Insurance is the simplest form of life insurance. It pays only if death occurs during the term of the policy, which is usually from 10 to 30 years. Most term policies have no other benefit provisions. Term policies generally have lower costs and premiums compared to a permanent policy, and may be a good option for a person seeking coverage for a specific period or age range. So, if you seek life insurance for a limited time – long enough to meet your anticipated responsibilities to those who depend on you, but not longer – Term Life Insurance may be right for you.
Permanent Life Insurance pays a death benefit whenever you die and provides lifelong coverage. A permanent policy can also build cash value over time. There are three major types of permanent life insurance: whole life insurance, universal life insurance, and variable universal life, and there are variations within each type. Whole life insurance and universal life insurance are examples of permanent policies that offer guaranteed death benefits and may accumulate cash value through interest. Policyholders can take loans against the cash value of their permanent policy, but must keep the policy in force to maintain coverage. A new policy may have different features or eligibility criteria based on the age and health of the person applying. For example, a universal life insurance policy can build cash value and offer flexible premiums, allowing you to adjust your payments and coverage as your needs change.
Why You Need Life Insurance Coverage
Life insurance is an act of love and kindness that you perform. Life insurance coverage offers many unique benefits that, when structured properly, can provide considerable financial leverage to your family that is received both income tax and estate tax free¹. In the event of your passing, life insurance provides money directly to your beneficiaries. Life insurance coverage should be tailored to your individual needs and financial goals. They can use the money for whatever they want, such as:
- Make up for your lost income, so your current lifestyle can be maintained
- Fund your child’s or grandchild’s education
- Pay off mortgage and consumer debt
- Create a source of tax-free funds to provide a comfortable retirement
- Fund estate taxes to prevent liquidation of your estate due to estate tax obligations
- Pay for your funeral and other related final expenses
It's important to calculate how much life insurance you need to secure your family's future. You may need to provide additional information during the application process to help determine the right coverage amount for your individual needs.
With life insurance, you can fulfill your promises to yourself, your family, your charity, and your business, and help secure their financial future.
Get the protection you need in Huntsville, Alabama
To learn more about our Life insurance products, speak with one of our experienced professionals today.