Life Insurance

Life Insurance

Dickinson Insurance

Dickinson Insurance Agency

Insurance is a great investment to secure your familys financial future. As a breadwinner in your household, your death can significantly impact your familys ability to maintain their standard of living. Insurance safeguards your family, and the earlier you get a policy the more affordable it will be for you.

Purchasing an insurance policy is an agreement between you and the insurance company. You agree to make payments called premiums and they will provide you with a lump sum of money when the insured person passes. During the process, the insurance company examines your health and medical records and either approves or denies the policy. Many insurance companies offer add-ons called riders to enhance the type of insurance they offer you.

There are various types of insurance policies, which affect the agreement between you and the insurance company. Many people consider the following insurance policies when they are in the market.

Whole insurance - These policies cover you as long as you are making the premiums. These policies are more expensive, therefore; purchasing a policy while you are young and healthy is recommended.

Term insurance - With these policies you have insurance for a period of time. Typically, you can purchase insurance for 10, 20 or 30 years. After having the insurance for the term, some insurance companies allow you to convert the policies to whole life insurance.

Universal insurance - Universal insurance policies are another type of whole life insurance. These policies allow you to adjust your premium which gives you more control over your insurance policy.

The major benefits to having an insurance policy include:

  1. They help cover the cost of burial expenses.
  2. Insurance policies are a great way to reduce the debt on an estate.
  3. Some insurance policies build cash value.
  4. Death benefits are tax free.
  5. You can borrow from the cash value to invest in your retirement, tax free.
  6. Family members can continue with their standard of living, while adapting to losing an income.

To cover the costs of final expenses, consider getting an insurance policy for you and your family.