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Life Insurance
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Talk about your options for life insurance with one of our local agents today.
Do I need life insurance?
Life insurance allows for you to provide a secure financial future for the people who depend on you - a spouse, children or extended family. It can continue paying the mortgage, covering outstanding debts, maintaining the family's lifestyle and ensuring that children don't have to struggle to afford education such as attending college.
While you may receive a life insurance option through your employer, personal policies are not dependent upon your employment status and can travel with you throughout the course of your life. We know it can be daunting to get started, which is why our agents are here to help and to go over your options from Protective Life.
Find an agentWhat type of life insurance do I need?
Comparion insurance agents can offer you options to best fit you needs through Protective Life. There are two common types of life insurance to consider:
- Term Life
- Permanent Life.
Term Life Insurance from Protective provides financial protection for a specific period of time, usually 10 to 40 years. Term Life Insurance is affordable, with fixed, level premiums and offering coverage for a fixed period of your life.
Permanent Life Insurance from Protective provides a lifetime of coverage. It also offers life insurance protection and potential for tax-advantaged value cash growth. A Comparion agent can discuss what options will work best for you and the needs of your family.
Find an agentHow much does life insurance cost?
A number of factors influence the price of life insurance. According to Protective Life, the these factors include the type of insurance, the amount and length of coverage, as well as your risk rating. Your age and family health history will also be taken into account, as well as certain habits, such as whether or not you use tobacco or drink alcohol excessively.
Term Life policies are often less expensive than permanent policies because they last for only a specific period of time with no cash value accumulation. While Permanent Life policies are often more expensive, they can earn cash value and they remain in existence as long as you pay your required premiums on time.
Which life insurance offers the best value for me?
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Frequently asked questions
If you have someone you care about who would suffer without your financial contributions, life insurance is a must. Examples include your spouse, children, disabled family members, aging parents, or anybody else who relies on your income to live comfortably.
There's no way of knowing precisely how much money your loved ones will require if you pass away. However, there are three simple methods for estimating that amount. Experts advise erring on the side of caution and purchasing a little more life insurance than you think you'll need.
Option 1: Multiplying your gross (or before-tax) income by 10 to 15 is one of the simplest ways to get a rough sense of how much life insurance to buy. Another popular formula suggests adding $100,000 to that figure to cover the costs of each child's college education.
Option 2: Calculate the immediate, ongoing, and future expenses that your family or loved ones would face if you died. This can include anything from funeral expenses to rent or mortgage payments to college tuition. Add up the financial assets that you and your family already have. This could include a spouse's income, savings, assets, and existing life insurance. Subtract your available funds from your projected expenses. The difference between the two figures is the approximate amount of life insurance that should be purchased.
Your agent can help you with these calculations, and advise which policy type best fits your needs.
There are two main types of life insurance: term life insurance and permanent life insurance. Term life insurance pays a cash benefit to your loved ones (also known as beneficiaries) after the insured's death. The policy's term refers to how long it will last. Typical terms are ten, twenty, or even thirty years.
Permanent life insurance is more expensive, but provides various advantages over term life insurance. The primary difference is it insures you for the rest of your life as long as you make your payments. Many people find it comforting to know that they will always be covered. Permanent life insurance also has the advantage of accumulating cash value over time, which grows tax-deferred, like assets in most retirement and college savings programs. A Comparion agent can help you find the best policy for you.