Life insurance can be a vital component of your personal finances because it provides a death benefit to your loved ones who financially depend on you. The thought of you passing away may not be a pleasant subject, yet you can create a legacy by giving your spouse and children the financial stability they will need to get their lives back on track after your passing with this type of insurance.
Finding the right life insurance products can be challenging in today’s insurance environment. Richter Insurance & Investment Services offers a complete line of individual life insurance products that are crafted to meet you and your family’s specific needs. We work with several different top-rated insurance companies, and we will place your account with the company that will provide you with the coverage and benefits you want.
Richter Insurance & Investment Services can help you make sound, informed decisions about issues affecting your life insurance needs. Our philosophy is to fully understand your objectives and then translate them into solutions that provide assurance and peace-of-mind.
Life insurance is a contract between you and an insurance company. You pay monthly premiums to the insurance company and in return, the insurance company will pay your beneficiaries a death benefit when you pass away. Your beneficiaries can use this death benefit in any way they see fit. This includes:
• Paying funeral costs
• Paying for college tuition
• Paying off or buying a home
• Paying off debt
• Paying for current living expenses
There are two types of life policies:
• A term policy provides you with coverage for a specific term of 10, 20, or 30 years. Term policies do not accumulate cash value. Term insurance is the least expensive of the two types of insurance. If you choose to keep this policy at the end of the term, your monthly premiums will increase.
• A whole life policy provides you with coverage for your whole life. Whole life policies accumulate cash value that you can withdraw or borrow to pay for current expenses. When you surrender your policy, you will receive any money that is left in your cash account. Your premiums will never increase if you keep this policy.
The amount of your monthly premiums is determined by the type of policy you choose, your age, your health, and the death benefit amount. For instance, a healthy 45-year-old man who gets a gets a million-dollar whole life policy will pay higher premiums than a healthy 25-year-old man who gets a 20-year million-dollar term life policy. Make sure you know all of your options if you are looking to get a life policy and work with an insurance agent who can help you choose the right policy that will meet your family’s needs.
Richter Insurance offers free, comparative quotes on Life Insurance from multiple insurance carriers so you can get the best possible rate.
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