You have insurance for the most valuable things in your life – your health, your home, and your vehicles; but what about your own life? If something were to happen to you, who would be responsible for taking care of the people you love the most? Could the people who rely on you continue to maintain the same quality of life they enjoy right now? There is a lot to consider when purchasing insurance:
- Who will pay for your child’s college education or your spouse’s retirement?
- It’s not just your income that stops – your debts will eventually come due, too. Who will foot the bill?
- Do you have business partners or associates who rely on you for income as well?
- Will you be able to leave a financial legacy for your heirs?
Life insurance is a safety net designed to protect the people and goals you hold near and dear. Here at Philleo Agency Insurance, we offer risk solutions to help meet your needs as well as the needs of your beneficiaries
Term Life Insurance
Term life insurance is coverage designed to pay off debts and provide income replacement for surviving dependents. Policies typically come with very high benefits often ranging between $100,000 and $1 million or more. Term life policies eventually expire at the end of their term – usually a period of 10 to 30 years depending on your needs. Your life insurance agent can help you determine how long you might need term life insurance, whether until you reach retirement or until your youngest dependent graduates from college.
Whole Life Insurance
Whole life insurance is a different kind of coverage designed to provide both living and death benefits to the insured and his or her beneficiaries. If you purchase a whole life policy, the coverage will never expire so long as you continue to pay your premiums. In exchange, your life insurance policy may accumulate value over time, which you can borrow against to help finance important expenses or cash-out to supplement your income during retirement.
Life Insurance for Non-Income Earning Spouses
At Philleo Insurance, we recognize that families come in all types and sizes. It is important that all caregivers – including those who do not earn an income – have enough coverage to continue providing necessary services within the home in the event of an unexpected death. If you care for children, your spouse may need to hire a caregiver during the day or after school. If you manage most of the household accounting and housekeeping needs, your spouse may need to hire a professional to take over those duties. Remember, your roles within your home are of high value – even if you do not receive a wage for them.
Choosing a Life Insurance Policy
Selecting a life insurance plan is a very important decision. With several different types of life insurance to choose from, it helps to work with a licensed independent agent who can help you navigate between term, whole life, and other life insurance plans. At Philleo Agency Insurance, we can help explain your life insurance options and make recommendations for coverage based on your income, dependent needs, and long-term goals. We will help you choose the right life insurance policy to give you and your loved ones peace of mind.
To learn more about the simple and secure process to receive a personalized life insurance quote, visit our life insurance proposal page.
We look forward to serving you soon.