Life insurance is an important part of your financial planning at any stage in life. If you were to pass away, life insurance will provide your loved ones with the financial security they need. Many families would struggle financially if they were to lose a loved one and they did not have a life insurance policy in place. At Hansard Insurance Agency, our goal is to help families throughout Cumming, Dawsonville, Forsyth County, and Dawson County achieve this financial security through quality life insurance options.
Many people have a life insurance policy as part of their employee benefits package. A general rule of thumb is that life insurance should provide a benefit of roughly 8 to 10 times the breadwinner’s yearly income. Life insurance offered through an employer typically only provides a benefit of one year’s income. Without supplemental life insurance plans, your family can be left unprotected financially.
It is important to review your life insurance options sooner rather than later as your premium rates will begin to increase as you get older. Life insurance policies can be purchased with confidence at a young age knowing your benefits are protected. The Georgia Life & Health Insurance Guaranty Association protects policy holders in the event a life insurer was to become insolvent during their lifetime.
Be sure to take into account any future expenses your loved ones may incur when reviewing your life insurance options. Consider things like medical expenses, burial costs, monthly bills, mortgages, estate taxes, college tuition, and retirement costs. You should reevaluate any life insurance investments after every major life event such as the birth of a child, marriage, or the purchase of a new home, to ensure your coverage is still adequate.
Life insurance is generally offered as either Term Life Insurance or Permanent Life Insurance. There are also variations that fall within these two general policy types.
- Term Life Insurance – Provides coverage for a set period. This period will range from 5-30 years in most cases. Term Life Insurance is one of the more affordable types of life insurance.
- Permanent or Whole Life Insurance – This option provides coverage for a lifetime and an investment component is commonly included. This added investment component makes Permanent Life Insurance the more expensive option when compared to Term.
Other options such as Universal Life, Variable Life, and Variable Universal Life insurance policies are available. These are variations of Permanent Life Insurance and are designed to offer more flexibility than what is offered in a standard policy. The team of life insurance experts at Hansard Insurance Agency can explain what each of these options entails and help you select the type of policy that best meets your needs.
At Hansard Insurance Agency, our dedicated staff is committed to helping you care for your loved ones through a qualify life insurance plan from a trusted provided. Contact us today with any questions you may have about your life insurance options in Cumming, Dawsonville, Forsyth County, and Dawson County.
