Life insurance is an essential part of any financial program.
A variety of policies and limits can be used to pay off a mortgage, cover future education expenses, fund a business buy-sell agreement and more. The type of policy and limits you need will depend on your financial goals.
Many financial planners consider Life Insurance to be the cornerstone of sound financial planning. Liveoak Agency, Inc. can help match your financial goals with the right type and amount of life insurance at a price that works for you.
Generally speaking, life insurance works like other insurance policies. The insured pays an agreed upon premium, and the insurer makes a payout based on the terms set in the policy. In the case of life insurance, the insurance company provides a lump-sum payment, called a death benefit, to the named beneficiaries upon the insured’s death.
Can Anyone Get Life Insurance?
Practically anyone, at any age, can get a life insurance policy. However, not everyone is guaranteed the same premium or amount of coverage. Like any other type of insurance, insurers use a rating system to determine your premium payments. Factors such as tobacco use, family medical history, and lifestyle can affect your rate class.
Why Carry Life Insurance?
There are several types of life insurance policies available, each with differing premium plans, payouts, and terms. The type of life insurance policy you choose should be based on your financial goals and needs,
Do you have children? Do you contribute regularly to certain charities? Do you have money saved for funeral expenses? Statistically, the top reasons for obtaining a life insurance policy are:
- To assist family in paying for final expenses
- To provide replacement income for your dependents
- To help cover any estate taxes owed
- Creation of an inheritance for your heirs
- A way to save money to ensure significant contributions to your favorite charities
We are well versed in the different types of available policy options, such as:
Whole Life Insurance is a type of permanent life insurance designed to provide lifetime coverage. A whole life policy also creates a source of savings that can be borrowed on or withdrawn by the owner.
Group Benefits Coverage is an important part of a company’s overall compensation plan. Group benefits coverage can include life insurance, health insurance, and retirement plans.