Health insurance, auto insurance, and homeowners insurance are all familiar coverage options. However, life insurance is less common, which is why customers often forego it. This insurance plan has many invaluable benefits, and regardless of your age, it’s worth considering. Below is a guide to this topic, so you can protect your loved ones even after you pass away.

What You Should Know About Life Insurance

What Is It?

These plans are a contract between a customer and insurance provider that pay out a pre-determined sum of money when the policyholder passes away. Customers pay a monthly premium, and when they pass, a lump plan payment goes to the beneficiaries, usually a spouse or children.

There are several types of insurance an agent will offer. Term life plans cover you for a set number of years. Whole life coverage lasts indefinitely. Employers usually offer group life coverage, and simplified programs don’t require medical exams.

What Ages Need It?

Life insurance isn’t only for older adults. Many people in their 20’s and 30’s benefit from securing a plan, as well. They’ll enjoy lower premiums and also have coverage if the unexpected happens. If you’re newly married or have children, you may also want to secure a plan, so your family has money following an untimely passing.

Seniors can benefit from final expense life insurance, which covers funeral and aftercare costs. Those that want savings options may prefer a variable plan that has a minimum rate and investment growth component.

What Are the Benefits?

The most immediate benefit is knowing that your family has financial support when you pass. These are generally tax-free, and the value can increase tax-deferred over time, so you get every penny when you need it. Compare this to saving in a 401(k) where your money fluctuates with your investments and how you can only execute it after age 59. These attractive features are why many people choose life insurance alongside their other investment vehicles.

If you want to explore life insurance further, an agent at Patton Insurance Group can help. This Springboro, OH, agency offers many convenient packages, including homeowners and renters insurance, auto coverage, and business insurance. Call (937) 886-9966 to schedule a meeting with an agent and connect on Facebook for news and updates. You can learn more about their options by visiting the website.