Death and taxes are commonly considered the only definite aspects of life. It is best to be prepared for both. Taxes in Collierville, TN are sometimes unpredictable. You can, however, ensure that your family is ready for the inevitable by purchasing a life insurance plan from Brock and Poole Insurance Agency.
What is life insurance?
Life insurance is an indemnity plan that financially secures your final expenses and, depending on your policy, other costs related to the continued stability of your family unit. Many individuals who serve as the breadwinners of their homes purchase enough life insurance to fully support those they leave behind in the event of death.
How are premiums calculated?
Most insurance companies in Collierville, TN calculate life insurance premiums by considering the applicant’s age and health. Some companies also use annual salary to determine the risks associated with insuring a candidate and adjust monthly payments accordingly.
Those in good health who apply for coverage before the age of 45 may enjoy the benefits of lower premiums. Even those with good health, though, may find themselves paying more for coverage if there are chronic illnesses present in the family’s history.
What are the different types of life insurance?
There are essentially three types of life insurance policies available for consumers:
- Term Life Insurance
- Whole Life Insurance
- Universal Life Insurance
Term life insurance is often the cheapest option because of its limited benefits. Policyholders cannot borrow against the equity of their policy with a term life insurance plan. You are, however, guaranteed coverage if you pass away within the term of your plan.
Whole and universal life insurance policies offer fringe benefits that policyholders can enjoy while living. In fact, whole coverage is often valued above its term and universal alternatives because of its ability to accrue interest with every monthly payment. Policyholders can borrow against this interest for vacations or emergency expenses while maintaining the benefit of whole life insurance that pays for final expenses upon their passing.
Life insurance is anything but an option. You need an indemnity plan that helps your family maintain financial stability when you are gone. Call the agents at Brock and Poole Insurance Agency today to find the right life insurance policy.
