There are many different insurance policies that can protect a person from virtually anything. However, in order to protect a person’s family and ensure their family has the financial resources to carry on after the person has died, it’s best to speak with a Life Insurance Agency in Oklahoma City OK. There are many decisions that need to be made and many life insurance options a person can choose from.
If a person is looking for coverage for their family from a financial standpoint, but they don’t have a great deal of money to spend, term life insurance is often the best option. These policies can range from anywhere from $50,000 to upwards to $1 million.
The good thing about term life insurance is that it’s fairly affordable, and even people with certain pre-existing medical conditions or unhealthy lifestyle habits can still be insured for relatively low costs. One of the reasons for this is that roughly about 2% of term life insurance policies are actually paid out by the insurance company. This means that if a 20-year term policy is purchased, and the policy isn’t enacted, the insurance company is able to pocket all the monthly premiums without having to pay out a cent.
Another option is a whole life policy. These policies are a bit more expensive because not only do they offer a permanent death benefit, regardless of how old the policy is, they can also be used as an investment tool for added income once the policyholder reaches a certain age. In fact, with overfunded permanent life insurance policies, a person can actually save a lot of money to provide extra income for their retirement. In addition, not only are the premiums tax-free but, in an overfunded permanent life insurance policy, the deductions for extra income are also free of taxes.
These are just a little bit of the information involving life insurance policies. That’s why it’s important to get expert advice from a Life Insurance Agency in Oklahoma City OK. Whether your budget requires a term policy, or you’re looking to purchase a permanent life insurance policy with retirement investment capabilities, an agency will help you make those decisions. To Find more information on your various options, contact us to have all your questions answered.
