Who Needs Life Insurance Coverage?
Young and single people alike tend to think they do not need life insurance coverage, but that is not necessarily true. In fact, it can be beneficial to take a life insurance policy early. Those who do can lock in and enjoy lower premiums, thus reducing the financial burden later down the line for them and their loved ones.
Other significant occasions throughout life cause people to consider the benefits of a life insurance policy include:
- Couples who jointly purchase a property
- Couples who start a family
- Parents who wish to leave an inheritance
- People with large amount of debt
- New grandparents
- Those who wish to have their funeral expenses covered
This list is by no means exhaustive, and the reason for having life insurance can simply be to protect your loved ones from financial strife.
When is a Good Time to Purchase Life Insurance?
It is never a bad time to purchase life insurance, and as detailed above, the younger you are, the less it could cost you each month. Having life insurance in place will give peace of mind for yourself and your family, knowing they are protected from financial hardship.
What Types of Life Insurance is Available in Naperville?
Depending on your needs, budget, and preferences, there are several types of life insurance for you to choose from:
- Whole Life Insurance
- Term Life Insurance
- Indexed Universal Life Insurance
Whole Life Insurance Policies in Naperville Illinois
Whole life insurance remains with you throughout your life, until you die. As long as the premiums are paid, the policy will not expire until death, or you cancel the contract. Upon death, a lump sum will be paid out to your beneficiary. Additionally, there is an accumulation of cash throughout the policy's life, which you can access or invest.
Naperville Term Life Insurance
Term life insurance remains in place for a specified amount of time; 20, 30, or 40 years, for example. If you die before the policy expires, your beneficiary will receive a lump sum. If the policy expires, you can choose to renew it or switch over. Unlike a whole life policy, there is no accumulation of cash within a fixed term coverage.
Indexed Universal Life Insurance for Naperville Residents
Indexed universal life insurance allows you to earn a return on the cash value of life insurance. This cash value can either be at an equity-indexed rate of return or fixed. This type of life insurance gives you flexibility and tax-free gains, although you will not know how much you will earn, and the return will likely be capped.
A few points worth noting for all types of life insurance are:
- Applications must be honest, and you need to disclose any health issues past or current.
- Any high-risk activities that you participate in must be disclosed.
- Premiums are paid regularly over time, although it is possible to pay a single upfront premium.
Choosing Life Insurance with the Ryan Braden Insurance Agency
The Ryan Braden Insurance Agency is a life insurance company that can tailor life insurance policies to suit your needs. Whatever your circumstances, we can find the best product or products to fit them. If you are based in the Naperville area, and want an insurance company that is polite, respectful, and prompt, then look no further. We take the time to build strong relationships with our customers to fully understand their needs.
If you want the myriad of insurance options, including whole life insurance, term life insurance, and indexed life insurance explained in simple terms without the use of complicated jargon, then you are in the right place. We know how complex these products can seem, so we ensure you are completely clear, fully understand the products, and are 100% happy before signing.