Life and Health Insurance

Death is a natural part of life that may inevitably affect you or your family. While you may not be able to prevent all illnesses, accidents and other unfortunate incidents, you can take steps to minimize ongoing hardship following someone’s passing. With this in mind, life insurance is a potentially invaluable investment.

What Is Life Insurance?

Life insurance can provide critical financial security and stability for you and your family following the death of a loved one. These policies establish binding contracts between you and your insurance company that may ensure beneficiaries receive financial assistance following the death of an insured and generally come in the following forms:

• Term life insurance establishes coverage for a predetermined period of time (e.g., 10, 20 or 30 years). Should an insured’s death occur during that period, the policy may provide a payout to beneficiaries. These arrangements may be ideal if you want to ensure financial security for spouses or dependents until they are able to pay off debts or reach adulthood.
• Permanent life insurance can maintain ongoing coverage throughout an insured’s entire life. These policies include many varieties, such as whole life insurance and universal life insurance. They may also include various financial incentives and opportunities, such as accruing cash value over time, which you can borrow against, invested or used to lower premiums.

How Much Life Insurance Do I Need?

Your life insurance needs may vary significantly depending on your unique circumstances. For example, if you are a young parent, you may wish to secure an appropriate term life insurance policy to ensure that your children are provided for until they come of age. Alternatively, if you are an empty nester with minimal or no debts, or have other financial assets and savings, you may not need as much life insurance coverage. A qualified insurance professional, such as those at The Marvelous Associates, can help you assess and address your coverage needs.

How Much Does Life Insurance Cost?

Your premiums can also vary, as life insurance companies must consider many factors. Although exact criteria may vary, the following often influence life insurance quotes:

• Age
• Gender
• Lifestyle habits (e.g., smoking status and dangerous hobbies)
• Occupation
• Medical history (e.g., preexisting conditions and family health patterns)
• Driving record
• Policy details (e.g., type and coverage limits)

Get the Right Coverage

At The Marvelous Associates, we pride ourselves on helping families and individuals secure coverage solutions tailored to their unique needs. Contact us today to begin crafting an ideal life insurance policy.