Things You Should Know About Life Insurance

As uncomfortable as it is to consider, everyone should plan for their unexpected passing and find the best life insurance plan. Loss can put a financial strain on families during a difficult time, but thinking ahead can help your loved ones when you pass away.

There Are Many Types of Life Insurance

Navigating policies may appear complicated at first since there are so many types. However, the variety ensures you can find one that checks every box on your list.

You can consider a simplified policy if you want quick approval. Compared to fully underwritten insurance, simplified policies have little red tape and offer instant approval. To apply, you must fill out a health questionnaire, which many companies offer online. The downside is that this form of insurance may be more expensive, as it can miss factors that would lower your rate.

Getting approved for fully underwritten policies takes longer because you must undergo a medical examination. You’ll also have to answer questions about the following:

• Travel plans
• Your health
• Your hobbies
• Your family medical history

You must also determine whether to get a whole life or term life policy. As the name suggests, a whole life policy covers you until the end. A term life policy has a time limit, which means it may expire when you need it most. While term life policies are more affordable, whole life policies are more dependable.

It’s Never Too Early To Get a Policy

Experts recommend that individuals with dangerous hobbies or occupations get insurance, but the truth is that anyone can benefit from getting a policy as soon as possible. For one thing, rates tend to be cheaper the younger you are. Getting insurance early ensures you have prepared for big life changes such as getting married, buying a home, or having kids.

Life Insurance Helps You Take Care of Your Loved Ones

Once you pass, your beneficiaries receive the insurance payout. Beneficiaries can use these funds in many ways:

• Covering funeral costs
• Covering time off work
• Compensating for loss of secondary income

These funds to fall back on provide loved ones with peace of mind, allowing them to heal on their time without worrying about expenses. 

Policies Are More Affordable Than You Think

Like other types of insurance, life policies have monthly premiums. Life insurance rates are not always the same, varying by company and customer. Underwriters determine rates based on the following factors:

• Age of insured
• Occupation
• State
• Term length
• Sex
• Health habits

While more coverage tends to be more expensive, you can find under $50 a month policies. To get the best deal, contact several companies to compare quotes. Make sure you compare coverage to ensure you get exactly what you need.

About Byrnes Agency

At Byrnes Agency, we offer insurance solutions that can be tailored to meet your specific needs. Whether you’re looking for personal policies or commercial coverage, we have the right coverage for you. To learn more about our products, contact us today at one of our two locations.

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