No one wants to think about death. It’s not a topic most people enjoy talking about. Unfortunately, every day too many people die without making adequate preparations for their loved ones to ensure their needs are taken care of. Often people wait too long to get life insurance protection and then have to pay higher premiums because they are older, ill, or in debt.
You may not think you need a life insurance policy now because you are young and healthy. If you have dependents, however, it’s a good idea to speak to an agent about your options.
Reasons You May Need Life Insurance Protection
Here are some reasons why you might need life insurance:
To provide for your family: If you have children or other dependents who rely on you financially, life insurance can provide them with financial support in the event of your death. The death benefit from the policy can help cover expenses such as childcare, education, mortgage payments, and other living expenses they will need. If you don’t know how they would continue to live without you, you need life insurance.
To pay off debts and expenses: If you have outstanding loans or debts, such as a mortgage or credit card balances, life insurance can help cover them so that your loved ones don't have to bear the burden of paying them off.
To cover funeral expenses: Life insurance can also help cover the costs of funeral expenses and other final expenses. Most people do not consider how much a funeral and burial can cost and are left unsure of how to pay for it on top of their grief over their loss. If you don’t want your family to have to crowdfund a burial, consider getting life insurance.
To provide for long-term financial goals: Life insurance can also be used to provide for long-term financial goals, such as paying for your children's college education or providing for your spouse in retirement.
Types of Life Insurance
Navisure Insurance Group offers two types of life insurance policies as well as annuities to our customers.
Term Life Insurance
Term life insurance provides coverage for a specific period of time, such as 10, 20, or 30 years. If the insured person dies during the term of the policy, the death benefit is paid to the beneficiaries. If the insured person lives beyond the term of the policy, the policy ends and no death benefit is paid. Term life insurance is generally less expensive than permanent life insurance, such as whole life or universal life, because it provides coverage only for a specific period of time. If you do not want to pay as much money for life insurance but are concerned about a period of higher risk, such as your childrens’ childhood years, this is a good option.
Whole Life Insurance
Whole life insurance is a type of permanent life insurance that provides coverage for the entire lifetime of the insured, as long as the policy remains in force and premiums are paid. It accumulates cash value over time, and this can be borrowed against or used to pay premiums. Whole life insurance policies generally have higher premiums than term life insurance policies. They are considered an investment, and they may better suit high net worth individuals and parents with adult dependents that need support for the duration of their lives.
Annuities
An annuity is a financial contract that works like this: you give a lump sum of money to an insurance company, and they provide you with regular payments in the future, usually in retirement. These payments can be made for a specific period of time, such as a set number of years, or for the lifetime of the annuitant. There are different types of annuities that Navisure offers, including fixed and fixed indexed annuities, each with its own set of features and benefits.
Do You Need Life Insurance?
Life insurance protection can provide you with peace of mind as well as financial security for your loved ones if something unfortunate should happen to you. It’s important to consider your individual circumstances when deciding on the type and amount of life insurance coverage. Please contact us at Navisure Insurance Group if you have any questions about any type of insurance or would like to talk about your specific needs. Our considerate, compassionate agents will help you find the right insurance policy to protect you and your family.
COREY VANDERMEER | PRESIDENT
Corey started his insurance career in the claims department for a national carrier and learned the basics of insurance coverage and how it’s applied. From there he decided to take the jump into sales and joined an independent insurance agency. Here he learned how to build coverage around the needs of each individual and cater to every client. When Corey decided to start an insurance agency he did so with the intention of simplifying the process of getting insured. With a focus on technology and simplicity; his goal was to create an insurance agency that was different from those currently dominating the market place.
When he’s not working, Corey enjoys golfing, fly fishing and spending time with his wife and kids. Together they enjoy traveling to Northern Michigan and to his wife’s hometown of San Francisco.