9 Reasons Why Life Insurance Is Important for Your Loved Ones

Life insurance is time; the time you may not have. If you need time, then you need life insurance. Look no further than The Good Insurance Group as we have local agents who are ready to build up and take care of our community, one family at a time.

1. Income Replacement: provides income due to disability or illness.
2. Access to Cash: allows you to borrow up to your max loan for the lifetime of your policy tax free.
3. Financial Stability: manages risk and absorbs shock.
4. Legacy Planning: is the process of deciding how to distribute your assets after you pass away.
5. Supplemental Retirement Income: monthly benefits paid to you after age 65 including individuals with disabilities.
6. Health Benefits: medical, food, activity, etc.
7. Estate Planning: breaking down shared assets in half to loved ones after death.
8. Reduction of Taxes: decreases the tax burden on certain factors with low efficiency cost.
9. Financial Protection: protect your finances from unexpected costs and losses.

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Life Insurance in Pennsylvania

Life insurance can be an uncomfortable purchase for anyone, as your goal is to provide a financial nest for loved ones after you have passed away. Those new to buying life insurance need to know how it functions and what information is needed to choose the right policy coverage.

What is life insurance? Well, it's a policy that provides a lump-sum payment to those you have deemed as your beneficiaries at the time of your death. All that is needed from your end of the deal is making premium payments over a certain time frame.

Types of Life Insurances

There are many different types of life insurance policies available to meet the needs and preferences of the insurer.  Some of the more popular coverage plans include Term Life, Universal Life, and Whole Life. Your choice should be based on the needs and goals that keep you and your family protected over a set period.

Term Life Insurance is a policy that is specifically designed for 10-20 years of coverage. Usually, the premium payment amount is the same all throughout the terms of the agreement. After that, you may continue the Term Life Insurance policy, but it will come with a higher premium price quote.

Universal Life Insurance is an option to receive lifetime coverage from an insurance provider. Often, these policies are flexible and the insurer can either lower or raise the premium payment price at their own discretion all throughout the lifetime of the agreement.

Whole Life Insurance is designed to provide lifetime coverage to an insurer, but the premium payment price is fixed all throughout the life of the agreement. Many consider Whole Life Insurance to be the best option of all life insurance policies available on the market today.

How Often Should I review my Life Insurance Policy?

It’s prudent to reevaluate your life insurance needs annually or after significant life events, such as divorce, marriage, the birth or adoption of a child, or major purchases, such as a house. You may need to update the policies beneficiaries, increase your coverage, or even reduce your coverage.

The Good Insurance Group LLC of Bloomsburg, PA is building quite a reputation throughout Pennsylvania as being experts in the life insurance industry. From cost effective rates to customized policies based upon your current stage in life, the financial specialists at The Good Insurance Group, LLC can help you find the perfect solution to provide the peace of mind you need.  Contact us today for a free Life Insurance quote.