Life Insurance: Need To Know!
You have to satisfy certain requirements if you want to insure someone
— If you want to buy a life insurance policy in someone else’s name, you’re probably going to have to prove you are in some way dependent on that person and you would suffer financially if he or she were not around.
If anyone turns you down for life insurance, look somewhere else, and that’s what we do at Greenway Insurance Agency
— After all, companies look at a whole host of information and utilize a variety of methods to vet who they will insure. So, just because one provider turns you down, you shouldn’t take that to mean another provider will come to the same conclusion.Actually, shopping around is a good idea regardless, as doing so will allow you to buy a life insurance policy that offers the best coverage, the best rate, or perhaps a balance between the two.
If you’re looking to insure yourself, make sure you actually need it before you buy it
— For instance, if no one is financially dependent on you and if you have enough money to pay for your final expenses, it’s a pretty good bet that you don’t need this type of insurance.If, on the other hand, there are people—a spouse, children, parents, siblings—who depend on you financially, life insurance may well be a worthwhile expense for you.
Term life insurance or whole life insurance?
— The two main types of life insurance are pretty different, so you’ll probably want to spend some time studying them before choosing one over the other.Term life insurance tends to have lower premiums associated with it (early on, at least), provides a person with coverage for a set number of years (as in, it only pays out if you pass away during this “term”), and doesn’t build up a cash value that can be borrowed against or withdrawn. Whole life insurance, also often called “cash value” or permanent, usually costs more (especially at the beginning), accumulates a cash value that can borrowed against or withdrawn, pays out whenever one passes away, and provides protection as long as the premiums are paid.
Note: there are three kinds or categories of whole life insurance to consider, too—whole life, universal life, and variable life.
Your beneficiary doesn’t have to be financially dependent on you
— Some people buy life insurance so that, upon their death, a charitable contribution of some sort will be made to an organization that was near and dear to their heart, and that’s completely acceptable.
We would love to help you walk through a plan that is good for you.
Contact us for any questions you may have and a custom quote tailored to your needs!
