Life insurance helps you to provide for your family no matter what happens. If you have the right life insurance coverage, you can have the peace of mind that your family will able to pay their bills, pay off the mortgage or other debt, pay for your children or grandchildren’s education, or whatever other goals you set. Jeremy White Insurance helps you find the right life insurance coverage, options, and limits to meet your family’s financial needs. We also help you to get the best value for your money.
Why Quality Coverage Matters
If you need to use your life insurance policy, you won’t be around to solve any problems. You need to know that your family will be able to easily file a claim and receive the stated benefits. Especially if you’re the primary income provider, they may be relying on that money to meet immediate financial needs.
It’s important to choose a life insurance company that has reliable customer service and stability. Even though most policies are guaranteed by the government, having to rely on the state insurance guaranty association to pay a claim could mean a delay in getting funding. We work with many different life insurance companies and can share their reputations and ratings with you as you make your decision.
Types of Wisconsin Life Insurance
There are many different types of life insurance policies. This is because people have varying needs for life insurance at different stages of their lives. Some people need temporary coverage, while others need permanent coverage. When you buy life insurance, it’s important to think about both your current needs and how you might expect your family and financial situation to change in the future.
Term Life Insurance
Term life insurance is a policy that lasts for a specific number of years. The usual terms are 10, 20, or 30 years. The purpose of these policies is often to cover specific goals. For example, you might want life insurance to replace your salary during your working years but don’t think you’ll need coverage in retirement. You might also want a policy that could pay off your mortgage. Term life insurance policies are often the least expensive option since they’re only for a fixed amount of time.
There are several options you can consider with term life insurance.
- A decreasing term has higher coverage at the start of the policy and lower coverage at the end of the policy. In exchange, you pay a lower overall rate. A common use for this policy would be to replace your lifetime earnings where you’d need more coverage in your earlier years but would have more money saved in your later years.
- A convertible term provides an option to convert to a permanent life insurance policy with an additional cost to have the option plus additional premiums if you use the option.
- A renewable term allows a policy to be renewed instead of having to buy new coverage. This can often lock in a lower rate than you’d get buying a new term policy when you’re older.
Permanent Life Insurance
Permanent life insurance is a life insurance policy that you can potentially keep forever. You have a monthly premium that’s either locked at a fixed rate or goes up by a predefined amount. You generally have the right to continue the coverage as long as you keep paying the premiums. You can cancel coverage if you no longer wish to pay the premiums. In some cases, you may also be able to cash out a portion of your policy if you decide to surrender it.
The are several types of permanent life insurance.
- Whole life is the most common option. In addition to providing life insurance coverage, it also builds up a cash value that you can take out for virtually any reason.
- Universal life insurance has two differences from whole life. First, you can earn interest on the cash value of the policy. Second, premiums are flexible which means your payments could go up or down over time.
- An indexed universal policy allows the policy-holder to earn investment-like returns on the cash value portion of the policy. For example, if the policy is indexed to the S&P 500 stock index, the cash value of the policy will go up and down similarly to an investment in an S&P 500 index fund.
- A variable universal policy allows the policy holder to invest the cash value of the policy in a separate account similar to a brokerage account.
Life Insurance Discounts
Jeremy White Insurance understands how important it is to protect your family’s finances both now and in the future. This means helping you to find quality coverage at an affordable cost. We help you to carefully evaluate all of your life insurance needs so that you can choose the policy type and coverage amount that’s right for your family. As an independent insurance agent, we work directly for you, so our only goal is to keep you happy. We help you compare options and prices from many different insurance companies with a single application.
You may be eligible for discounts if you bundle with other types of insurance policies, are a member of a trade group or professional association, or are eligible for other preferred pricing programs.
To learn more about the life insurance options available to you, talk to Jeremy White Insurance in Cuba City, WI, today.