Life insurance is much more than a policy that pays for burial and funeral expenses. Some policies go much further, offering lifelong financial security for survivors in the future, as well as the potential for cash accumulation and investment options that can benefit you and your family in the present. Whether you are considering life insurance to protect your growing family or looking for ways to establish greater financial security for the future, we here at Anton Insurance can help you find coverage that meets your needs and supports your long-term goals.
Who Needs Life Insurance?
Most adults can benefit from having a life insurance policy – particularly those who have one or more financial dependents or otherwise expect to have dependents in the future. Even if you do not have anyone depending on your income for living expenses, however, a life insurance policy could still be an effective way to cover your final expenses, pay off your outstanding debts, and leave a charitable contribution to a cause or organization you believe in after your death.
If you plan to purchase coverage, we recommend obtaining your policy now rather than in the future. Not only are premiums generally lower for younger and healthier applicants, but you also never know when you could acquire a health condition that disqualifies you from obtaining coverage.
What About Employer-Provided Life Insurance Coverage?
Many companies offer life insurance to employees at a nominal cost. While this coverage can be beneficial, foregoing a private policy could be a mistake. That is because the company usually sponsors employer life insurance, meaning the coverage could change or be eliminated at any time. Furthermore, employer life insurance coverage limits may not be enough to meet the needs of your family, nor might the coverage continue if you lose your job or retire.
With private life insurance, you are in charge of your benefits and coverage. You get to decide which type of policy you want and how much coverage to purchase. You can also decide between a policy that covers you through your working years or one that sticks with you for life, regardless of changes in your health or employment.
Types of Life Insurance Coverage
There are multiple options when it comes to life insurance. Most companies offer three primary types of coverage – term, whole-life, and universal life insurance. We here at Anton Insurance can explain the differences between these coverage types and help you determine which one may be right for you.
Term Life Insurance
Term life insurance is coverage that lasts for a specified term, which is often between 10 and 30 years. Although the coverage eventually expires, it typically affords high limit protection at low, budget-friendly prices.
Many policy-holders purchase term life insurance to provide income support for financial dependents during the working years. This is the phase of life when many people are actively saving for the future, supporting a spouse or children, paying off a mortgage, and perhaps even paying for other big expenses, such as a college education. High-limit term life insurance can provide enough money to pay off household debts and financially support a family for many years after the passing of the insured.
It’s not just primary earners who need term life insurance, though. Coverage could benefit a family after losing the childcare and home upkeep assistance of a stay-at-home parent, or it could be used to protect the financial interest in a business partnership.
Talk to an agent about term life insurance if you:
- Need budget-friendly premiums
- Need high-limit death benefits
- Wish to protect a survivor against the burden of outstanding debts
- Own all or part of a business
- Have financial dependents
- Wish to leave a financial legacy or make a charitable contribution
Whole Life Insurance
Whole life insurance is unlike term coverage, in that it provides lifelong protection so long as you continue to pay premiums. The coverage does not change, and the rates do not increase due to changes in health, and the premiums paid into the policy may actually generate cash value over time. Since lower premiums are associated with youth and health, we typically recommend purchasing whole life insurance as early in life as possible.
Talk to an agent about whole life insurance if you:
- Want lifelong peace of mind
- Want level premiums for life
- Want life insurance that builds cash value
Universal Life Insurance
Think of universal life insurance as a more flexible type of whole-life protection. This coverage is typically recommended to people who want lifelong insurance coverage with the added benefit of financial versatility. As you pay premiums into a universal life insurance policy, you have the option to invest a portion of them for future growth. You can also pay more into the policy when you have extra funds available and then use the cash accumulation and investment growth to cover all or a portion of your premiums in future seasons when your funds may become more limited.
Talk to an agent about universal life insurance if you:
- Want lifelong peace of mind
- Want flexibility in the price of your premiums
- Want a financial investment option for your policy
Affordable Wisconsin Life Insurance
If you need life insurance or need to upgrade your coverage due to new life changes, the team here at Anton Insurance can help. As an independent Columbus insurance agency, we can shop and compare life insurance policies and rates to find the term, whole-life, or universal life insurance coverage that fits your needs, goals, and budget.
All it takes is a few simple steps to give your family the financial security it deserves. Contact our office to find out more about Wisconsin life insurance options and how an independent agent can help you save on the coverage you need.