A life insurance policy can help ensure your loved ones are taken care of in the event of your absence.
It can also help cover expenses such as a funeral or memorial and/or other debts. Trust Alchemy Insurance to find you an affordable policy from one of our many trusted brands.
There are dozens of reasons why every adult should consider purchasing at least a minimum amount of life insurance, whether it’s whole life, term life or senior life. Life insurance policies can help cover lost income of a wage-earner who has dependents. In other situations, a policy on a person’s life can pay directly for funeral and burial expenses, which can be considerable.
The most common reason people buy a life insurance policy is to replace income and/or to take care of a spouse and children who might be put in a financial bind upon the death of one of the parents. Because the cost of such coverage is quite reasonable for younger adults, it’s a good idea to purchase life insurance policies at an earlier age.
There are many different kinds of policies for life insurance coverage depending on a person’s needs and desires. The most common policies include whole life, term life, and senior life insurance.
Whole life coverage is a good way for those insured to build cash value in a policy as they continue to pay on it throughout their working years. As long as timely payments are made on an active policy, coverage is intact and lifelong protection is offered. The build-up of cash value occurs on a tax-deferred basis, so there’s no worry about increasing tax expenses for the duration of the policy.
Term life policies are offered for a set period of time at fixed rates. It’s the least costly way to obtain a specific, dollar amount death benefit for a specific period of time, typically 10 or more years.
Senior policies are designed with older individuals in mind. This type of affordable burial insurance covers funeral costs, burial costs, and possibly other debts that the estate might owe when a person dies.
Alchemy Insurance agents can explain how you can obtain a whole life, term life or final expense life insurance policy even if you have specific medical problems. It’s a fact that the younger and healthier you are, the lower your life insurance rates will be. However, even people with medical problems can usually get a life policy if they are willing to pay higher rates for the same coverage a very healthy person would pay. Insurance underwriters tend to adjust premiums based on expected life spans. While someone with a medical condition like high blood pressure (HBP) might have a shorter life expectancy than someone without HBP, it’s not impossible to get a life policy.
Anyone who has ever gotten life insurance quotes knows that there’s a lot that goes into the calculation. An Alchemy Insurance agent can explain the particular factors that might affect your rates. In general, quotes are based on multiple factors. Those factors include age, weight, overall state of health, the amount of insurance sought, and medical history.
An experienced life insurance pa agent will collect all of the pertinent data from an applicant and then send the application to the insurance company’s underwriting department. The underwriters use actuarial tables and complex calculations to determine the applicant’s life expectancy based on all of the data at hand.
There are many benefits related to having a whole life, term life or senior life insurance policy. An Alchemy Insurance agent can explain specific benefits for your situation, but in most cases, the advantages of having insurance coverage on your life include:
As an independent life insurance agency in pa, Alchemy can shop multiple brands to find the insurance that best suits your needs.
Protect your family (and your wallet) with a FREE quote today!