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Why purchase Life Insurance?
We are not naive to the fact that most people don't really like talking about Life Insurance. By giving your loved ones a death benefit, you allow them the opportunity to fulfill their dreams of college, paying off the house or simply providing tax free income.
Assessing Life Insurance needs:
The amount of Life Insurance needs vary with each individual and situation. At Hensley Insurance, we will help you evaluate, on a needs basis, how much Life Insurance is adequate for your family or loved ones. We do this by helping you determine what exactly you want the Insurance to do for you. There are key factors in determining need and we have listed a few below:
- Number of dependant children
- Spouse
- An owned Business
- An inadequate retirement plan for spouse
- An estate that will need to pay taxes
We know that Life is ever-changing, so does your individual situation. The time for evaluating or re-evaluating your Life Insurance needs is at Life changing experiences. Some of these can include the addition of a new baby, a marriage or even the purchase of a new home.
There are many Life products available, but the most popular are Term, Whole and Universal Life.
Term Life
Term Life is a product indicative of its name: You purchase Death Benefit for a specified amount for a specified period of time. This type of insurance is less expensive than the others available because it doesn't provide permanent coverage. This is a good place to start if you currently don't have Life Insurance.
Whole Life
Whole Life is a permanent policy product that builds cash value over time as you pay your premiums. This policy lasts your entire lifetime if premiums are paid.
Universal Life
Universal Life is a product available that provides more flexibility than whole life. The flexibility is in the premium payments, face amounts available and the adjusting interest rate in which the cash value of the policy grows. This interest rate is adjustable, but is usually guaranteed not to fall below a certain percentage.
For more information or Life Insurance Assessment call or email us
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