How would your family cope with the financial devastation of a loss? Every day, families are forced to face the harsh reality of a life without a loved one, which often includes a loss of income or other important services. Life insurance can help you prepare for such a scenario, protecting the people you love most in their time of grief. Here at Butler Insurance, we help people in the greater Indianapolis area learn how to calculate their coverage needs and find a policy that provides financial security when it’s needed the most.
How Much Coverage Do You Need?
When calculating your coverage needs, it is important to assess the entire value of a loss and how it may impact a family’s finances. You should consider the cost of:
- Final expenses
- Outstanding debts
- Loss of income
- Monthly bills and expenses
- Future goals (i.e. college education)
- Caretaker needs (i.e. childcare, elderly parent care)
- Home services (i.e. maid service, lawn care)
- Unexpected expenses
- Inflation
- And more
Types of Life Insurance
There are different types of life insurance policies, each of which offers different advantages. These include:
Term Life Insurance
Term life coverage is designed to provide income replacement during your working years. These policies tend to have low premiums, and benefits tend to be high — often $100,000 to $1 million or more. Although term life insurance only offers benefits for the designated term, which is usually between 10 and 30 years, that is usually adequate to protect dependents until you reach retirement or they no longer require financial support.
Whole Life Insurance
Whole life insurance policies have level premiums and coverage that never expires so long as premiums continue to be paid. Although whole life insurance tends to have a smaller death benefit, it also has the ability to accumulate cash value over time. You can borrow against the cash value of your policy while you are still living to help pay for unexpected expenses.
Universal Life Insurance
Universal life insurance is similar to whole life coverage in that you cannot outlive the coverage and you can access the cash value of your policy while you are still alive. However, it also offers greater flexibility in coverage and premiums as the seasons of life change. That means you may be able to adjust your premiums to pay less when you have greater financial obligations and perhaps pay more into the policy when you have financial excess. You can use universal life coverage to help pay for final expenses, as well as enjoy tax-free growth for the future.
Choose Private Life Insurance
If you are employed, you may have access to an employer’s life insurance coverage. While this can be a nice bonus, we recommend purchasing your own private policy that is not connected to your employment. If your employer takes away this benefit or if you lose your job, private life insurance gives you peace of mind knowing your family is still protected no matter where the path may lead.
Dozens of Companies Competing For Your Business
As an independent insurance agent, we represent dozens of top-rated life insurance companies. By shopping the market we can make sure you are receiving the best value for your insurance dollar. Life insurance companies we represent include:
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- Allianz
- American National
- Americo
- Ameritas Life
- Assurity Life
- Athene
- AXA
- Brighthouse Financial
- Cincinnati Life
- Columbian Financial Group
- Delaware Life
- Fidelity Security Life
- Foresters Financial
- Gerber Life
- Global Atlantic
- Great American
- Guardian Life Insurance Company
- John Hancock
- Legal & General America
- Banner Life Insurance Company
- William Penn of NY
- LifeSecure
- Lincoln Financial Group
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- Lloyd’s of London
- Mass Mutual
- Mutual of Omaha
- National Guardian Life
- National Life Group
- Nationwide
- New York Life
- North American Company for Life & Health
- OneAmerica
- Pan American Life
- Penn Mutual Life Insurance Company
- Principal Financial Group
- Protective
- Prudential Financial
- Securian
- Minnesota Life
- Security Mutual Life Insurance Company of NY
- Symetra
- The Standard Transamerica
- Vantis
- Voya
- Western & Southern
There is no better time to purchase life insurance than now. Premiums tend to increase with age, and insurers may deny coverage or offer reduced benefits for applicants who are in poor health. No one knows what tomorrow may hold. Call us at Butler Insurance to get an Indiana life insurance quote today.
