Keep These 3 Factors in Mind When Purchasing Life Insurance

Purchasing life insurance is not a topic many like to discuss, but it is very important to have a plan. You do not want to leave your loved ones with a burden or expenses, especially while they are grieving. To help you prepare for the future, here are three tips for purchasing life insurance.

Life Insurance

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  • Types of Coverage: There are two different types of coverage, and they are term life and whole or cash value insurance. Term life is more expensive, accumulates cash value and never expires. Cash value is more affordable, does not accumulate cash and expires within 10 to 30 years.
  • Individual Goals: One of the most important tips for purchasing life insurance is to use your goals to decide which type of coverage is best for you. You may want a plan that allows your beneficiary to accumulate cash over time, or you may be looking for a plan you can afford right now.
  • Policy Value: When analyzing your need for coverage, be sure to keep your current and even your future budget in mind. Your death benefits can be used to pay off existing debts, reduce expenses for your family or invested in real estate or stocks. It is very important to figure out how your family’s budget may be affected at the unfortunate time of your passing, so you can figure out how much insurance is needed. We would recommend using an online life insurance calculator.

If you are looking for additional tips for purchasing life insurance, Schumacher Insurance Agency is ready to address your concerns. We do not just sell insurance, but we make sure our clients walk away with more knowledge on insurance than before they came to us.

When you are ready to discuss or purchase life insurance, contact the Schumacher Insurance Agency.


About Schumacher Insurance Agency

Why trust us? What do we do different than every other insurance agency? Consider this an invitation to get to know us. We believe we are an exceptional team of protection specialists that work hard to do things the right way, to educate our clients on insurance, and make the experience effortless. We are excited to introduce a new insurance experience for our customers. We encourage you to speak with our team who can show you how different we are… from text messaging services for late payments to educational insurance concepts on Facebook. We will prove our innovative approaches to obtain the proper coverage’s for you, your family, your business. Insurance is likely not the most interesting affair for everyone, but it is most certainly ours! Yes, we are insurance geeks!

Posted on January 10, 2015, in Agency and tagged , , . Bookmark the permalink. Leave a comment.

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