Life insurance is meant to provide financial security to your family and loved ones in the event you were to pass away. No matter your age or financial situation, life insurance is an important part of your financial planning. Most families do not have adequate savings to replace the income of a lost loved one making life insurance an important investment.
Some people do not have a life insurance policy because they feel it is too expensive. It is important to consider life insurance while you are young and in good health. As you age, premium rates increase. Purchasing a life insurance policy earlier in life will allow you to secure an affordable rate or a higher level of coverage.
Others feel they are adequately insured through their employer which may not be the case. For many people, life insurance provided through an employer will not be enough. Experts recommend a policy which will provide 8 to 10 times the breadwinner’s annual income which employer-provided insurance generally does not cover.
There are several things to consider when choosing the appropriate life insurance plan. One must take into account medical expenses incurred prior to death, burial costs, estate taxes, amount of support needed for surviving members to secure their own employment, monthly bills and expenses, remaining mortgage, college tuition, and retirement costs. It is important to re-evaluate your life insurance plan after major life events such as the birth of a child, purchase of a home, or marriage.
There are a few life insurance options available and our team at Weedin Insurance can help you choose an affordable plan that is right for you and your family.
• Term Life Insurance – provides coverage for a specified period of time, usually 5-30 years. This is generally the most affordable option.
• Permanent Life Insurance – provides coverage for a lifetime, and may include an investment component. Typically more expensive than Term Life Insurance.
Permanent Life Insurance can include a number of options such as Whole Life, Universal Life, and Variable Life policies. One of our experts can explain the differences between these options to determine if these plans are a good choice for you.
Life insurance is an important investment to ensure you can still provide for your family, even after your passing. For more information about the type of life insurance policy that may be best for you or to obtain a free quote, please call us at (970) 667–2145 or use our Life Insurance Quote Tool to start the process.
The Weedin Insurance Agency has been serving the Colorado community since 1956! We specialize in:
• Auto Insurance
• Homeowners Insurance
• Life Insurance
• Business Insurance
• Workers Compensation
• Health Insurance
• And Much, Much More!â€‹
Contact us at (970) 667–2145 or stop by one of our offices in Loveland or Berthoud to see how we can help you!