Life Insurance
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Life Insurance Information
Life can be unpredictable. However, you can do one thing with certainty: Purchase life insurance to ensure your loved ones have needed financial support when you can no longer provide for them.
The Iten Insurance Agency has various life insurance policy options, and we can help you find coverage that fits your needs.
How to Determine Appropriate Life Insurance Coverage
Typically, you work with an insurer to determine your exact needs. Often, a third-party administrator your insurer contracts will conduct an exam on you, after which you choose your life insurance policy based on your rates.
The amount of life insurance you purchase is entirely up to you. Many people tie the value of their life insurance policies to the value of their debts, such as mortgages or car payments. If you die while these debts are outstanding, your beneficiary can use the money to settle these expenses.
Other people choose to tie their death benefit to their income and leave a certain number of years’ worth of their paycheck to their survivors.
Upon your death, a specific amount of money, commonly known as a death benefit, is given to the person or people you have chosen. They can use this money for whatever they need.
What Are the Main Types of Life Insurance?
There are two main types of life insurance.
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Term life insurance: A term life insurance policy provides money to your beneficiary if you die during the policy’s term. This term may be a period of 10, 20, 30 or more years, depending on the expiration date of your policy. If you don’t die during this time, the policy doesn’t pay. You would have to reapply for a new life insurance policy to continue coverage.
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Whole life insurance: A whole life insurance policy lasts for the remainder of your life once you’ve enrolled. The policy won’t expire unless you stop paying it. This plan also offers a cash value investment opportunity, and the cash value component can provide a source of income while you are still alive (in addition to the eventual death benefit).
The team at Iten Insurance Agency can explore other types of life insurance that could benefit you, including:
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Final expense insurance
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Group life insurance
How Much Does Life Insurance Cost?
Life insurance premiums vary from person to person. Factors such as age, health, income and coverage can impact your premium. We can assist you in selecting adequate and affordable life insurance no matter where you are in life.
How We Can Help
The Iten Insurance Agency can help you with life insurance for your individual needs. Call us at 954-680-0360 to get started on your policy today. We will make sure your benefit is sufficient for your loved ones and affordable for you.
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