Nothing offers peace of mind and reassurance quite like a life insurance policy with personalized protection. This important coverage can safeguard your loved ones against debts and other financial burdens in the event of a death, and some policies may even provide living benefits while you are still alive. At innovante insurance in Milwaukee, we know the value of life insurance and the difference it can make for surviving dependents. Whether you are only starting to think about a family or you need to upgrade your coverage due to unexpected changes in your financial circumstances, we are happy to help you explore your life insurance options and choose a policy that is right for you.
Do You Need Life Insurance?
Unless you are financially independent, there is a good chance you need life insurance to help cover the ongoing living expenses of your dependents, as well as protect your loved ones against the weight of household and personal debts. Many families also purchase life insurance coverage for stay-at-home parents, as it would be necessary to hire professional caretakers to take care of domestic responsibilities in the event of a loss. Even single individuals with no dependents may choose to purchase life insurance to take care of final expenses, cover potential medical debts, fund a buy-sell agreement for a business partner, or leave a financial legacy to a loved one or charitable cause.
When is the Right Time to Buy Life Insurance Coverage?
There are no guarantees in life, and your health could change in an instant. You never know when an unexpected diagnosis could change your eligibility for coverage. That is why if you need life insurance, the right time to buy your policy is always now. Clients generally enjoy lower, more affordable insurance premiums the younger and healthier they are when they apply for coverage. Those rates are locked in for the life of the policy. That means that so long as premiums are paid in full, coverage is guaranteed to continue – even despite aging or changes to your health.
We encourage our clients to think long-term when purchasing life insurance instead of focusing only on today’s financial circumstances. If you plan to get married or have children in the next few years, purchasing coverage now can protect your future loved ones if you are unable to qualify for life insurance down the road. Even if you have coverage through an employer policy, it still may be a good idea to purchase a private policy, too. That is because employer coverage tends to offer too few benefits and is often contingent upon your continued employment. If you lose your job, you could lose your coverage, and there is no guarantee you would be eligible for a private policy in the future. With private coverage, you are secure knowing your family is protected despite changes in your employment.
Types of Wisconsin Life Insurance Coverage
You have many choices when it comes to your life insurance coverage. You can opt for a policy that takes care of your financial obligations during your working years, or you can choose a policy that will stick with you all the way through retirement. At innovante insurance, we can help you explore the differences between term, whole-life, and universal life insurance and determine which one could be right for you.
Term Life Insurance
Term life insurance is a high-value benefit policy that expires at the end of the selected term, which may be as much as long as 30 years or more. This coverage can provide hundreds of thousands or even a million dollars of coverage or more in exchange for low, affordable monthly premiums. Although the policy does not accumulate cash value nor guarantee to last for a lifetime, it can offer financial security for beneficiaries if the insured passes away.
Many people use term life insurance to assure the continuation of a family’s lifestyle in the event of a death. The money not only covers final expenses, but it can also help pay off a home mortgage, pay for a spouse’s retirement, cover the cost of a child’s college education, and much more.
Whole Life Insurance
Whole life policies are guaranteed coverage for life. If you qualify for and purchase coverage, the rates are locked in and never change even as you age or if your health deteriorates. This type of coverage is often chosen by individuals who want to assure that their death, funeral, and burial costs are not a burden to others. It can also be used to guarantee the payoff of remaining financial liabilities or perhaps even leave a small inheritance to children or grandchildren.
Beyond the lifelong coverage it offers, however, whole life insurance also builds cash value over time. Depending on the terms of your policy, that means it could be possible to borrow against the paid premiums in your policy or perhaps even cash-in your policy one day to help fund retirement or a large expense.
Universal Life Insurance
Universal life insurance is similar to whole life insurance, with the exception of additional flexibility in premiums over the life of the policy. With universal life coverage, you retain the same permanency that whole life insurance offers, but you can adjust the amount you pay for your coverage over time according to the cash valuation of your policy. Furthermore, universal life insurance typically includes an investment feature that facilitates the potential growth of paid premiums. With time, the policy could become a significant financial asset that can be leveraged to your benefit over the course of your lifetime.
Milwaukee Life Insurance Quotes
At innovante insurance, we know you have choices when it comes to your life insurance. As an independent agency, we are proud to support your access to choice by shopping and comparing life insurance coverage and rates from several of the state’s leading insurers. Whether you need coverage for your growing family or want to diversify your financial assets for retirement, we can show you how to choose a life insurance policy that supports your long-term financial needs and goals.
For more information about Wisconsin life insurance or to request your free quotes, contact our office today. We look forward to serving you soon.