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Life insurance plays an essential part in any financial plan. It provides economic stability and protects against unexpected costs but can also be a useful source of funding that allows policyholders and their families to achieve long-term goals and dreams. Although preparing for the future can be challenging, it’s necessary to ensure your loved ones will be properly cared for. Here are a few things you should know to help determine how coverage can fit into your plans. 

An Introduction to Life Insurance

1. There Are Two Basic Types of Policies 

Life insurance is available in either a term or permanent policy. Term insurance is less expensive but is only designed to last for a set period of time. If you outlive the term of the policy, it will expire, and you will need to sign up for a new one if you wish to remain covered. Permanent insurance policies will last for the duration of your life as long as you continue to make your premium payments. They also allow cash value to build up tax-free, which can be used to pay the premium or for other purposes.

2. It Can Satisfy a Variety of Needs

life insuranceThere are no restrictions on how beneficiaries can use a life insurance payout once a loved one has passed away. Death benefits can help your family pay for everyday expenses and maintain the same standard of living they’re accustomed to. The money may also take care of a mortgage payment, any outstanding debts you leave behind, your child’s college education, and/or your funeral expenses. Whatever they need, you can have peace of mind knowing your loved ones are provided for.

3. You Shouldn’t Wait to Buy Coverage

When it comes to purchasing life insurance, many people make the mistake of procrastinating. This can end up costing you quite a bit and leave your family vulnerable to financial hardship. The younger and healthier you are, the cheaper coverage will be. Every year you get older, your estimated premium is likely to increase. Additionally, if a health problem arises before you buy coverage, you can expect to pay even higher rates or be denied coverage altogether. Also, if you have dependents that rely on your income, they could be left struggling if you suddenly pass away without a policy in place. 

 

If you are ready to shop for life insurance, the agents at Blocker Insurance Agency can help. They will carefully assess your current situation to determine what type of policy will most suitably fit your unique needs and provide your family with a secure financial future. For more than a decade, they have been entrusted to assist the residents of Cleveland, GA, in finding quality coverage at competitive prices. Call (706) 865-1072 to schedule a meeting or visit their website to view the full range of products they offer.

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