While some people might question whether they need a life insurance policy or not, others understand the importance of taking care of the family even after an untimely passing. That’s why the agents at Hummel & Plum Insurance Agency of Chillicothe, OH, provide their clients with a comprehensive understanding of their life insurance policies to ensure their needs are met. Below, their team illustrates just how important it is to have a policy in place and how to determine which option is best for you.
The Importance of Life Insurance
There are few compelling reasons why most people should have a life insurance policy in place. Consider your family; if you’re the primary breadwinner, how will your loved ones finance their needs after you’re gone? Even if your spouse works, it will take a while to adjust to the single income, and it doesn’t leave as much room for savings. Life insurance protects the financial future of your family as they will be able to continue their lifestyle and even save for college for your children thanks to your preparation.
If you die with a great deal of debt, a policy can also be used to pay off this debt without burdening your family. This includes any medical bills that accumulated as a result of end-of-life care. In this sense, life insurance provides undeniable peace of mind to your family during their time of need.
Choosing the Right Coverage
There are two basic types of life insurance available, each of which offers a distinct set of benefits to policyholders. Whole life insurance remains active as long as you continue to pay monthly premiums. There is also an investment component to this insurance as a portion of your policy will gain value over time. However, premiums for whole insurance tend to be more expensive.
Term life policies are only good for a specified length of time—usually 10, 20, or 30 years. If your lifespan exceeds the term, your policy expires. You can continue to pay premiums in some cases, but the cost usually increases. To ensure your coverage performs its intended purpose, you can have it last until you reach retirement age or until your youngest dependent reaches adulthood.
Life insurance helps you safeguard the people you care about most, so contact Hummel & Plum Insurance Agency as soon as possible to see how you can begin the process. Their experienced team will explore your options and help you find coverage that makes sense for your lifestyle while shopping around to find a premium that fits your budget. Call (740) 773-1620 today to speak with an agent in Chillicothe. You can also visit them online to learn more about working with this independent agency.