Even when you pass away, many of your financial responsibilities may remain. A life insurance policy helps your family take care of these matters. Since death is a topic many avoid, you may have some questions about this type of coverage. Here are answers to a few common ones to help you understand more about this protection and what it will do for your family.

4 FAQ on Life Insurance

What are the main types of policies?

Most plans are designed as “term” or “whole” policies.

A term life policy provides coverage for a specific period, such as 10, 20, or 30 years. Once this period has expired, people won’t be able to collect benefits. This is the most affordable option.

By contrast, a whole life policy is designed to last as long as you pay the necessary premiums. Over time, these plans can build cash value that you can borrow against.

Should I get this if I don’t have kids?

Life insurance provides to children, but that’s not the only reason to get covered. Benefits can also help other members of your family, such as spouses, pets, or aging parents who depend on your income.  

Do I need extra coverage if I have an employer-sponsored policy?

The life insurance plans typically offered by companies pay out low quantities. To help you ensure your family continues to enjoy a high quality of life in the event of your passing, you might need to seek additional coverage.

Why should I get this while I’m younger?

Accidents or health problems can arise at any time. By signing up for coverage when you’re younger, you’ll protect your family against financial trouble. You’ll also take advantage of the lower rates that are typically offered to healthy policyholders.

Protect your family and finances with the help of Ron Nall Insurance Agency in Andalusia, AL. As State Farm® agents, Nall and his team will introduce you to life insurance solutions from a nationally recognized provider. Whether you’re interested in term or whole life plans, these experienced professionals will tailor a policy to fit your budget and needs. Visit this agency online to learn more about life insurance or call (334) 222-3106 for a custom quote.