Life Insurance in Jesup, Georgia
Life is full of the unexpected. Help account for the unknown by retaining a life insurance policy.
What is life insurance?
Life insurance is intended to help cover the financial needs of beneficiaries after a policyholder’s death. It works like this: a policyholder purchases the insurance policy and pays regular (e.g., monthly) premiums. If the policyholder dies during the period their policy is effective, their beneficiaries can claim a financial sum, known as a death benefit. This money can be used for purposes such as funeral costs, mortgage payments, tuition fees and other expenses. Put in simple terms, life insurance helps ensure your loved ones aren’t financially burdened if you pass unexpectedly.
What are the different types of life insurance?
There are two main types of life insurance:
- Term life insurance is typically purchased for a set period of time, such as 10, 20 or 30 years. This form of life insurance is generally straightforward and does not come with a cash value component.
- Permanent life insurance is coverage that may last the policyholder’s entire life, depending on the policy. There are various permanent life insurance options; whole life insurance is the most common. Unlike term life insurance, permanent policies often have the option to accumulate cash value. While adding additional complexity, the savings aspect can make such policies ideal for financial planning.
What does life insurance cover?
The payout from a life insurance policy can generally be used however the beneficiaries like. The death benefit funds are commonly used for funeral expenses, tuition fees and housing payments.
How does life insurance work?
Life insurance, as with most forms of insurance, works by selecting a policy that meets your needs, either a term or permanent type of plan. You choose how much to be insured for (e.g., $250,000), which will influence how much you pay for the policy. You pay regular premiums to the insurance company for the duration or length of your policy (e.g., 20 years). If you die while your policy is in effect, your beneficiaries can claim the death benefit to access the funds. In the case of term life insurance, if you pass away after the policy expires, there is no payout.
Do I need life insurance?
Discussing your financial circumstances and goals with your family and insurance agent is critical to determining your life insurance needs. Consider your beneficiaries, such as a spouse and children, and what it would mean for them to lose your income. Consider recurring payments, such as tuition costs or mortgage payments that would continue to be owed even after your death. Consider financial goals, as a permanent life insurance policy can help grow and transfer wealth. Keep these considerations top of mind as you review life insurance options.
Get a Life Insurance Quote Today
Contact the friendly professionals at Boyd’s Insurance Services in Jesup, Georgia, for help assessing your life insurance needs. We have the knowledge and experience to help you secure an affordable life insurance quote.