Life Insurance Information
Finding the right life insurance policy can provide financial security for your loved ones after you pass away. Without it, your beneficiaries could have to pay costly out-of-pocket expenses associated with your funeral, your estate administration and any outstanding loans or mortgages in your name.
Contact Winnett Insurance Agency Inc. in Joplin, Missouri, and start protecting your family’s future today.
What Is Life Insurance?
Life insurance is a contract between you and your insurer. In exchange for your premiums, your insurance company is bound to provide a death benefit to your beneficiaries when you pass away. These benefits can be particularly beneficial if you have loved ones who depend on your salary for financial security or if you have any financial responsibilities (e.g., mortgage, student debt) that could fall to your family after you die.
What Does Life Insurance Cover?
How Does Life Insurance Work?
Your insurance company will look at numerous factors to determine the cost of your life insurance (e.g., age, gender, medical history). In exchange for your premium, your insurance company will provide a lump sum—known as a death benefit—if you die while your life insurance policy is active. The duration of your life insurance policy will depend on the type of life insurance you choose to purchase. There are two primary types of coverage: permanent life insurance and term life insurance.
What Is Permanent Life Insurance?
Permanent life insurance (e.g., whole life insurance, universal life insurance) provides coverage for your entire life. Generally, this insurance has a level premium, meaning your insurance costs are locked in. This may allow you to obtain more coverage when you’re older without paying more in premiums. Additionally, permanent life insurance policyholders can typically accrue cash value with their life insurance policy that can be borrowed against, withdrawn or used to make future insurance payments.
What Is Term Life Insurance?
A term life insurance policy provides coverage for a set period (e.g., 15 or 30 years). At the end of that term, your insurance company will no longer provide a death benefit after you pass away. Term life insurance is generally the cheaper of the two life insurance options.
Contact Winnett Insurance Agency to learn which life insurance coverage could be right for you.
How Do I Get Life Insurance?
We’re here to help you find the life insurance policy you deserve. Contact Winnett Insurance Agency to learn how our life insurance can provide peace of mind for you and your loved ones after you pass.