Life Insurance: Frequently Asked Questions
What is life insurance?
Life insurance is a contract between an insurer and a policyholder in which the insurer gives the policyholder a certain quantity of money to an assigned beneficiary upon the death of the insured person. While the policyholder is alive, they pay the insurer recurring premiums.
When should I get life insurance?
There are many scenarios in which a person should buy life insurance. This may include if you:
Have children under the age of 18
Are an adult who owns property with another adult
Are a senior citizen who plans on leaving money to a beneficiary
Feel like you won’t be able to afford burial or funeral expenses
Have a pre-existing illness or condition such as Cancer or Diabetes
It is never too early to purchase life insurance, and getting started earlier may save you money with lower premiums.
Why do I need life insurance?
Life insurance is a safety net that can take care of any debts you leave behind, your family’s everyday expenses, and provides overall financial protection. It can give you peace of mind that your family or anyone included in your policy is taken care of after you’re gone.
How do I get life insurance?
First, you must find a policy that’s right for you, and apply to become a life insurance policy holder. Whether you qualify or not depends on your lifestyle, age, and health, along with other variables. Once you qualify and select your insurance company, you can purchase your policy.
It is strongly recommended to work with an experienced agency like I & E Insurance. Qualified insurance agents can guide you through each step of the process to save you money and find the best policy for you.
How do I choose a policy?
Policies depend on the type of coverage you are looking for and your situation. Some factors to consider include:
What stage of life you’re in and who you would want to be covered after you’ve passed
How much money your family will need to maintain their lifestyle
If you have any illnesses or conditions
What are the benefits of having life insurance?
Some of the many benefits of life insurance coverage can include:
No tax on life insurance payouts
Additional cash value to your retirement savings
Coverage for terminal and chronic illnesses
Less worry for dependents about living expenses
Funeral or burial expense coverage
Having peace of mind about finances can be made easy with life insurance guidance from the experts at I & E Insurance Agency. Connect with us today to learn more and discover which policy works best for you.
Call us at (732) 295-5584 or get a free quote on our website. We look forward to meeting with you.