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Life Insurance Information
It is never too early to start planning a financial legacy, and life insurance should be part of that plan. Though you never know when you will reach the end of your life, the right life insurance can ensure that your loved ones remain financially secure after your death. With the help of Mark Lee Insurance, you can put together a quality life insurance policy that will be there for the ones you love after you are gone.
To start your search for life insurance, contact us today or request your quote below.
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What Is Life Insurance?
Life insurance will help you provide a financial settlement to your loved ones after your death. When you’ve passed away, the policy will pay a sum of money—a death benefit—to a designated beneficiary. The beneficiary might be a spouse, adult child or another party who can benefit from the funds provided by the plan. In most cases, you have the right to choose both the value of the death benefit and the beneficiaries on the policy.
What Are the Types of Life Insurance?
There are two primary types of life insurance:
Term life insurance—A term life policy provides a death benefit if you die during the policy’s term. The term is a period of years (10, 20, 30, etc.), and the end of the term is essentially an expiration date. If you do not die during the term, the policy does not pay. You will have to reapply for a new policy if you want to continue to have coverage when the term ends.
Permanent life insurance—Permanent life policies (sometimes called whole life plans) will not expire unless you stop paying for them. Some permanent plans also offer cash value investment funds. The cash value fund can enable you to receive a source of income during your lifetime.
Several more specific policies also exist, including:
Speak to one of our agents to learn more about which type of policy is best for your needs.
How Much Life Insurance Do I Need?
Everyone will have different goals for their life insurance policies. For example, some people choose the value of their policy based on an anticipated expense, like the cost of a child’s college tuition. Others might want their policy to represent a few years’ worth of their income. There is no right or wrong answer for choosing your death benefit. By working with your Mark Lee Insurance agent, you can select an appropriate value for your financial goals.
How Much Does Life Insurance Cost?
Numerous factors can influence the cost of your life insurance. However, if you are concerned that a preexisting condition or other health condition might make it harder to get coverage, your Mark Lee agent is here to help. We will work with you to get a policy that provides both beneficial and affordable coverage.
Contact us to learn more about life insurance or request a free quote now.