If you are like most people, you’re wondering if life insurance is worth the extra expense each month. Life insurance coverage is essential for different reasons. This type of insurance provides financial security for your loved ones if you pass away. Here are other factors you need to know about life insurance for Edmund and Oklahoma City, OK residents.
Is Life Insurance Necessary?
No law in Oklahoma requires its residents to carry an active life insurance policy, but here at Vance Insurance Group, we think it’s a good idea to get it if you have a family. To help you determine if life insurance is right for you, consider:
- The amount of debt you have
- The amount of income your family will need to replace
- Whether other expenses will be a problem
What Are the Types of Life Insurance?
There is term life insurance and permanent life insurance.
Term Life Insurance
Term life insurance offers coverage for a specific period. This period can be anywhere from one year or thirty years or longer. Term life insurance allows you to choose the term length. If you want a lump sum to be paid to your beneficiaries, called a death benefit, term life insurance is ideal for your situation. This type of life insurance allows you to extend your policy for additional terms without a medical exam. You can also convert your insurance policy from a term policy to a permanent policy without being required to take a medical exam.
Permanent Life Insurance
Permanent life insurance is ideal if you want to build savings over time. You can use these savings in a variety of ways. You can withdraw from these savings, pay premiums, borrow against them, or invest. The two different types of permanent life insurance are whole life and universal insurance.
Here at Vance Insurance Group, we know buying insurance can be complicated. We’re here to help you through the insurance process and get you the coverage you need. Contact us today to inquire about the insurance solutions we provide for Oklahoma City, OK residents.