Life insurance is important for you and your loved ones. Though it isn’t a pleasant thought, want to know that your family won’t be left in a financial bind should something happen to you. With the proper life insurance policy, you can sleep easy at night knowing that should the worst happen, your loved ones would be taken care of.
Is Life Insurance at Work Enough?
If you have a life insurance policy through your employer, you may think you have enough coverage. That could be a big mistake because it likely isn’t enough. It’s also important to consider what would happen if you leave your employer or lose your job. A policy through your employer will likely end in such a situation. Let us help you determine whether your workplace policy is enough or if you need more.
Types of Life Insurance
There is more than one type of life insurance. It can get confusing to try to decide how much coverage you may need and which type you should purchase. Our experienced agents at Thiel Insurance will listen to your needs and help you find the best option. Though it may be difficult to think about your death and what might happen to your family without you, you can count on us to help you make an informed and educated choice. There are essentially two types of life insurance: Term life insurance and permanent life insurance. Both provide a death benefit when the insured person dies, but other features make them distinctly different.
- Term life insurance is purchased for a precise period of time, usually ranging from 5 years to 30 years. This cost-effective option provides basic coverage that will expire if you do not die during the stated term. This type of insurance is popular with young families who are trying to prepare for the unexpected, while also managing a budget. Term insurance is a good solution if you want to make sure that your home mortgage is covered in the event of an unexpected death.
- Universal life insurance provides protection for your entire lifetime. Also known as permanent life insurance, universal life insurance is more adaptable than term insurance, as you may be able to increase or decrease premium payments as your financial situation changes.
- Whole life insurance helps your family prepare for the unexpected by building tax-deferred cash value that can be used for a family’s loss of income, mortgage costs, or educational needs, even before you have passed on. It can also be used to leave a legacy for the next generation. Policy loans accrue interest; any outstanding policy loans and interest at the time of death will reduce the benefit and cash value.
- Annuities are low-risk investments that can help you reach your financial goals for retirement. You can pay either a lump sum or make periodic payments to your insurance policy. These payments accumulate at interest over a period of time, on a federal income tax-deferred basis. After the accumulation phase, you will receive income payments from your annuities on a monthly, quarterly, semi-annual, or annual basis.
Contact Thiel Insurance for Life Insurance Quotes At Thiel Insurance Group, we can find the right life insurance to meet your needs at a price that fits your budget. Get your no-obligation free life insurance quote by calling us, emailing us or stopping into our local offices in Appleton or Kimberly.