Nothing is more valuable than life itself. While no insurance policy can prevent an untimely death, it can protect your dependents and loved ones against monetary burdens after your passing. Since there is no way of knowing what tomorrow may bring, it is wise to take steps today that safeguard your family against the worst of possibilities. With the right life insurance from Guidotti Insurance, you can ensure financial security long after you are gone and perhaps even enjoy some living benefits while you are still alive.
Who Needs Life Insurance?
You may need life insurance if you have people in your life who depend on you financially or plan to have financial dependents in the future. You may also need coverage if you wish to cover the cost of final expenses, pay off debts, or perhaps leave a financial legacy to a charitable cause after your passing. We typically recommend purchasing life insurance while you are young and healthy, as premiums are likely to rise with age and the addition of certain types of health risks and diagnoses.
What If You Have Employer Life Insurance Coverage?
Some employers offer company-sponsored life insurance plans. These typically afford very low premiums and can provide valuable benefits in the event of a loss. However, we recommend viewing employer life insurance coverage as a supplement to your primary, private life insurance policy. With private coverage, you control the policy regardless of your employment. You are also likely to find higher benefit amounts compared to those available from your employer. With employer coverage, you may have little control over your coverage, and you could risk losing your life insurance if you change jobs or get fired in the future. At that time, changes in age or health could drive up the cost of getting private insurance, or worse, you may no longer qualify for private coverage at all.
Types of Life Insurance Coverage
When you apply for life insurance coverage, you will first need to select the type of coverage you want. There are different types of policies, each of which offers different benefits for different seasons of life. At Guidotti Insurance, we can walk you through your options and recommend coverage solutions that are right for you. These may include:
Term Life Insurance
Term life insurance is temporary coverage, meaning it is only active for a predetermined amount of town – usually between 10 and 30 years. Many policy-holders opt for term life insurance during their working years when their families depend on them most for financial support. That is because term coverage generally comes with very high death benefits and low, affordable premiums. This makes it possible for the average family to pay off a mortgage, debts, and put their children through college despite the passing of a primary earner in the family. It can also help fund a surviving spouse’s retirement or cover a family’s financial interest in a business partnership.
We typically recommend term life insurance to individuals who earn income for their households, as well as those who perform valuable jobs within their homes. If, for example, your spouse would need to find a childcare provider, lawn worker, maid, or some other domestic assistance in the event of your passing, term life insurance could help offset these costs.
Term life insurance may be right for you if:
- You need high death benefits
- You need low, affordable premiums
- You have outstanding debts
- You own a business
- You wish to provide income support
Whole Life Insurance
Whole life insurance is coverage that sticks with you for life, regardless of age or changes in your health. Though premiums tend to be higher than those of term life policies, they do not increase over time, and the policies may even accumulate some cash value that you can one day ‘cash-in’ for financial benefits while you are still living. Since whole life insurance never expires, it makes sense to purchase it while you are young and healthy, as that is when premiums tend to be the lowest.
Whole life insurance may be right for you if:
- You want level premiums for life
- You want coverage that never changes
- You want a policy that accumulates cash value
Universal Life Insurance
Universal life insurance is popular when individuals who want the longevity of a whole-life policy with an added level of financial flexibility. Like whole-life insurance, universal life policies do not expire. Also, premiums paid into a universal life insurance policy may be invested, allowing them to grow and appreciate over time. As the cash value of the policy gradually increases, you may have the option of borrowing against it or using its value to keep your policy active during times when your financial circumstances may otherwise prevent you from paying your premiums.
Universal life insurance could be right for you if:
- You want coverage for life
- You want flexible premiums as your circumstances change in the future
- You want a policy that accumulates cash value
Affordable Arizona Life Insurance
Whether you are getting ready to purchase your first life insurance policy or planning to trade in your current coverage for a policy that provides better and longer-lasting benefits in the future, we here at Guidotti Insurance can help you find the coverage that’s right for you. As an independent agency, we can shop and compare rates and coverage from multiple Arizona insurers until we find the term or whole-life coverage that’s right for you.
For more information about life insurance or to find out how affordable it can be to protect your loved ones against the unexpected, contact our office to request your free quotes today.