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Planning for the future can be daunting, but life insurance can provide financial assistance for your loved ones after you’re gone. Although no amount of money can replace you, a life insurance policy can offer essential funds to help maintain your family’s lifestyle.

What Does Life Insurance Cover?

Life insurance can provide a death benefit to your beneficiaries in case of your untimely death. There are several types of life insurance, but three main ones for consideration include the following:

• Term life insurance has a specific period, usually between 10 and 30 years, during which it can provide a death benefit if the insured dies. Its affordability and simplicity make it a popular choice for many.
• Whole life insurance is a type of permanent life insurance that can offer coverage for the policyholder’s entire life as long as premiums are paid. It includes a death benefit and can accumulate cash value over time. Premiums of whole life insurance are generally higher compared to term life insurance.
• Universal life insurance is another type of permanent life insurance offering a death benefit and a cash value feature. It stands out for its flexibility, allowing policyholders to adjust premiums and death benefits according to their financial needs. Universal life insurance also has the potential for growth through investments within the policy.

The death benefit from a life insurance policy can be used for various purposes, including funeral and burial expenses, paying off debts, living expenses, educational expenses and medical bills. Ultimately, the death benefit can be used in any way the beneficiaries see fit, providing them with financial flexibility during a difficult time.

How Much Does Life Insurance Cost?

Insurers use different formulas to calculate your life insurance cost. However, some factors that may impact your premium include the following:

• Age
• Health
• Lifestyle
• Gender
• Occupation
• Family medical history
• Driving record
• Policy details (e.g., coverage amount, term length, riders and additional benefits)

When considering life insurance, it’s crucial to evaluate your family’s needs and future financial goals. Speak with an experienced life insurance agent to explore your options further.

Where To Get Life Insurance

Gerhart, Hartman & Ritner, Ltd. offers tailored life insurance solutions at affordable prices. Contact us today for a free life insurance quote.