There is so much you have to protect – your family, your future, and even your legacy. Here at Doug Hansen Insurance, we know you cannot put a price on a life. You can, however, take steps to protect the destiny of those who depend on you for their financial security. With life insurance, you and the ones you love can have peace of mind knowing that they will not be made vulnerable in the event of an unexpected loss.
Life Insurance Benefits
Life insurance comes with many benefits, sometimes including both living and death benefits. It can help you achieve financial goals and hedge your income and assets against the unexpected. It is a powerful tool that can be customized to fit your individual needs, whether you want to leave an inheritance, provide income replacement, protect your family’s wealth, or even fund a child’s college education. All it takes is one visit with an independent agent at our office to find the customized coverage that is right for you.
You could also use life insurance to:
- Supplement your retirement
- Fund a buy/sell agreement for a business partner
- Provide a smooth transfer of wealth for heirs
- Provide replacement of income to surviving dependents
- Provide quick access to cash during the long process of asset liquidation
- Help pay for estate taxes
- Leave a large contribution to the charity of your choice
Types of Life Insurance
Most life insurance policies can be defined as either term coverage or permanent coverage. While both provide death benefits, they also have many differences that might make them more or less suitable to different people at varying seasons in life.
Term Life Insurance
Term life insurance is coverage that guarantees a high-value death benefit if the insured individual dies within a specific span of time – usually between 10 and 30 years. These policies offer low premiums, allowing healthy young and middle-age adults to purchase hundreds of thousands of dollars in coverage at a very affordable price. Term life is often used to pay off debts and provide income replacement for a spouse or dependents until they reach retirement or otherwise become financially independent.
Permanent Life Insurance
A permanent life insurance policy is coverage that continues for the life of the insured. It is often recommended to adults of all ages, since it doubles as a financial asset with living benefits. Permanent life insurance contains an investment component that builds cash value over time. Policy-holders may eventually choose to borrow against it for major expenses, cash it out to help supplement retirement, or retain it for its permanent death benefit.
Purchasing Life Insurance
The process of choosing a life insurance policy is very personal and highly individualized. There is no one-size-fits-all coverage. Instead, you should work closely with an independent agent here at Doug Hansen Insurance to determine which type of policy and amount of coverage are right for you. We can help you make a decision based on a number of factors, including:
- How many dependents you have
- Whether you own a business
- Your current and future income expectations
- Your financial goals
- Your debts and liabilities
- And more
We can also help you determine if additional coverage might be necessary for other household members, such as a spouse who provides valuable services in the home that might need to be replaced, such as childcare and housekeeping. Our goal is to give you peace of mind knowing that your family’s standard of living is better protected regardless of what the future may hold.
For more information or to request your life insurance consultation and quotes, contact our office today.