Life insurance is an important part of your financial planning, no matter how old you may be, or what your current financial situation may be. Most families do not have enough savings to replace the income of a loved one if they were to pass away. Life insurance provides much needed financial security to your family in the event you were to lose a loved one. Whether you are in Cyprus, Spring, or The Woodlands, Gene Garner Insurance is committed to helping you establish this financial security through an affordable life insurance plan.
As you age, premium rates begin to rise, so it is important that you consider life insurance while you are younger. Life insurance can be purchased at a younger age knowing that your policy is protected by the Texas Life & Health Insurance Protection Association. This association was established in 1973 to ensure that life insurance protection will continue in the event a life insurer becomes insolvent during a policy holder’s lifetime.
Many people mistakenly believe that the life insurance benefits offered through their employer provide an adequate coverage. A general rule of thumb is that your life insurance policy should provide a benefit of approximately 8 to 10 times the breadwinner’s annual income. Life insurance offered through an employer may only offer up to a single year of income which will leave your loved ones unprotected.
There are a couple of common life insurance options available depending on your needs. These options are:
Term Life Insurance – Provides coverage for a set period of time, usually from 5-30 years. Term Life Insurance tends to be one of the more affordable policy options.
Permanent Life Insurance – Provides coverage for a lifetime, and can often include an investment component. Permanent Life Insurance is generally more expensive than Term Life Insurance.
Whole Life, Universal Life, and Variable Life policies are additional variations that fall under the Permanent Life Insurance umbrella. The team at Gene Garner Insurance will explain the differences between each type of Permanent Life Insurance to help you determine which is right for you and your family.
When shopping for life insurance, be sure to take into account medical expenses, burial costs, estate taxes, monthly bills and expenses, remaining mortgage, college tuition, and retirement costs. After every major life event such as the birth of a child, purchase of a home, or marriage, you should re-evaluate your life insurance plan to ensure coverage remains at an adequate level.
Even after you have passed, life insurance allows you to provide for your family financially. Gene Garner Insurance will make sure your loved ones are protected through a quality life insurance plan that meets your individual needs. Contact us today for more information on life insurance or to receive a free quote.