Category: Life Insurance

Anyone living in the Oklahoma City, OK area is going to have a lot of insurance needs. A type of coverage all people should take seriously and consider getting is life insurance. Vance Insurance Group LLC offers a few reasons to obtain this type of coverage. 

Why do you need life insurance in Oklahoma?

Provide Support for Dependents

A reason that you may need to have a life insurance plan is so you can provide support for your dependents. When you have dependents that rely on your income and financial assets, you will want to ensure they have support if you were to pass away. With life insurance, you can build a personalized plan that will offer this protection and give you peace of mind. 

Investment Alternative

While many people get life insurance for financial protection, it can also be a good way to invest. With a whole life insurance plan, some of your payments on a monthly basis will build in an account. Eventually, you can choose to close the account and use the proceeds for any reason you want. This can help to make it a good addition to any personal financial and investment plan. 

As you are looking for a way to provide support with life insurance in the Oklahoma City, OK area, you will find there are a lot of decisions to make. One way you can select a quality plan is by calling the professionals from Vance Insurance Group LLC. Our team understands the value of this coverage and can help you build a plan that will ensure you remain fully covered. 

Life insurance benefits for a married person are apparent: your children and spouse get financial protection when you die. But does that mean that if you are single, you don’t need life insurance? Does life insurance protect married persons only? The answer is no. Life insurance is broad and covers various categories of persons. According to Vance Insurance Group LLC of Oklahoma City, OK, while no kid or spouse depends on your income, you still need life insurance.

To cover your funeral expenses.

Yes, while you may not have dependents, you need life insurance to cover your funeral expenses. Even if you want a modest funeral, a funeral is always a costly affair. Without life insurance, your relatives or friends will have to foot the bill, putting them in a difficult financial position even as they mourn your demise.

To cover your debts

Do you have a loan with someone? Do your debts exceed your assets? If yes, you need life insurance to take care of your financial liabilities when you die. Without life insurance, your death may leave your loan partners and cosigners paying the loan. 

Someone else is depending on your income.

Whereas you have no kids or spouse, someone else could be depending on your income. It could be your aging parents or a sibling. How will they cope financially when you die? Life insurance replaces your income to help those that depend on your income meet financial obligations. 

To protect your business.

Life insurance doesn’t protect individuals only. It can protect your business. When in a business partnership, your partners depend on your financial contribution. Purchasing life insurance ensures that your death doesn’t interrupt the financial position of your business.

Buy life insurance today in Oklahoma City, OK

Are you shopping for life insurance to secure your financial interests? Please contact Vance Insurance Group LLC for affordable life insurance. 

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.