Life Insurance Quote Forms
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Life Insurance Information
Planning for your death is not an enjoyable task, but it’s one that’s important, especially if you are married, have children, or have significant debts or assets to distribute. Getting life insurance as young as possible often results in cost savings, as age, as well as health, smoking status, and weight, affects your premium rates.
The agents at GCA Insurance are here to help you find the life insurance policy that works for you and your needs. Give us a call today to learn more.
Who Needs Life Insurance?
If you are married, both spouses need to have a life insurance policy. If both people bring in an income, a death can be a difficult financial loss. Also, if a stay-at-home parent should pass away, expenses such as childcare and other domestic items can create financial hardship, too.
Types of Life Insurance
There are two basic types of life insurance: term life insurance and permanent life insurance—the type of life insurance policy that best suits you will depend on your unique needs.
Option #1: Term Life Insurance
Just as its name implies, term life insurance covers you for a specific period of time, or term, that you choose. Since it offers a death benefit but no cash value, term life insurance is an inexpensive way to protect your beneficiaries for a specified period.
Renewal term life insurance can be renewed at the end of the term, at the option of the policyholder and without evidence of insurability, for a limited number of successive terms. It can also be converted or exchanged for a permanent insurance policy without evidence of insurability down the road. It’s important to note that rates generally increase along with the insured’s age.
Option #2: Whole Life Insurance
Permanent life insurance is any form of life insurance other than term. Examples are whole life, universal life and variable life. These policies combine term life insurance with a long-term, tax-sheltered savings plan.
Whole life is the most basic type of permanent life insurance. It provides coverage that lasts a lifetime and also builds up a cash value that you can borrow against, withdraw or use to pay future premiums.
A life insurance policy with a cash value is ideal for those who have a lifetime need for insurance protection, prefer stable premiums over the life of the policy, want a policy that allows them to build tax-deferred values, and value the high degree of coverage the policy affords. While rates for a whole life insurance policy remain stable over the life of the policy, premiums are initially more costly than for term insurance.
Get Your Policy Quote Today
The agents at GCA Insurance can help you navigate the complexities of life insurance. What’s more, we can help you find the right policy for you and your needs. Don’t wait any longer to get a policy quote.