Nothing matters more in life than protecting those you love most. You may not be able to control the future, but you can give your loved ones the benefit of a financially secure future. Life insurance gives you and your dependents one less thing to worry about. At Patriot Insurance, we offer different policies designed to meet your needs at all stages of life, whether you are a newlywed starting a family or preparing for retirement.
Term Life Insurance
Like the name implies, term life insurance provides coverage for a specific period of time – usually between 10 and 30 years. A term life policy traditionally offers a very high death benefit with very affordable premiums. Insured individuals can purchase coverage worth hundreds of thousands of dollars at a price that easily fits most household budgets.
A term life policy is designed to provide income replacement in the event of a premature death. This is especially beneficial to individuals in their prime working years with income that supports dependents. When selecting term life insurance, there are many things to consider:
- How many years will your dependents need income replacement?
- Will your family be left with any outstanding debts?
- How much might medical bills, burial, and funeral expenses cost?
- Do you need to fund any major expenses, such as a child’s college education?
- Will you need to cover any long-term expenses, such as a spouse’s retirement?
Term life insurance is not just for wage-earners, either. You might need to purchase a policy for a stay-at-home parent who provides important services within the home, such as childcare and household cleaning. You might also need to purchase a term life policy if you have a business partner who depends on you for income. Some businesses use life insurance to assure the continuity of their businesses or buy-out a deceased partner’s family interest in the business.
Cash Value Policies
A cash value insurance policy is life insurance that pays both a death benefit and a living benefit. Also known as permanent life insurance, these types of policies accumulate cash value over time. Insured individuals can receive dividends on the value of their policy and even borrow against their policies if necessary.
A whole life policy offers a guaranteed level premium that will remain the same for life. The premiums will never change, regardless of the age or health of the insured. So long as premiums are paid on time, beneficiaries are guaranteed the face value of the policy minus any loans outstanding against the policy.
Similarly, universal life insurance also accumulates cash value, only with the added flexibility in determining the payments and death benefit of the policy. Some universal policies even allow for investment in professionally managed funds, allowing you to grow your cash value and still provide your loved ones with the security of a death benefit.
Life Insurance Quotes in Blaine, MN
Whether you are a first-time buyer of life insurance or have a policy that has been tucked away in a drawer for 20 years, we can help you when it is time to review your coverage needs. At Patriot Insurance, we treat our customers like family. Protecting you and your loved ones is our number one priority, and we are happy to help you find the coverage you need. Call us today to request your free quote and discuss your life insurance options. We look forward to serving you soon.
