Life Insurance in Chandler Arizona
We cover Chandler, Mesa, Queen Creek Awatukee, Tempe and Phoenix, and all of Arizona
How does life insurance work?
With a Life Insurance policy A policyholder pays premiums and in exchange, the company will pay out a lump sum, known as a death benefit, to the policyholder’s beneficiaries upon death. The two main types of life insurance:
Insurance that provides financial protection for a policyholder’s beneficiaries for a certain period of time or a term; thus, the name. It is designed to temporarily provide financial coverage if you die. This type is more affordable than permanent life insurance and it works best for people who only need coverage until certain milestones are met, like until your kid’s graduate from college or your mortgage is paid off.
You can choose between the two types, depending on how much you are willing to pay for monthly premiums and what goals you hope to accomplish with your policy. Plans can be very affordable and others are a bit expensive. Costs will depend on a variety of factors such as your age and how long the life policy will last.
Life Insurance in Arizona
Term Life Insurance
Provides financial protection for a policyholder’s beneficiaries for a certain period of time, or a term; thus, the name. It is designed to temporarily provide financial coverage if you die. This type is more affordable than permanent life insurance and it works best for people who only need coverage until certain milestones are met, like until your kids graduate or your mortgage is paid off.
Permanent Life Insurance
Provides financial protection for your loved ones if you die, as long as you continually pay your premiums. Since this type is meant to stay with you throughout your life, which is why it’s called permanent, it is more expensive. There are four different types of permanent insurance:
Variable Universal Life
These are best for people who have a child who will require lifelong assistance, people who want to make sure their spouse is taken care of long-term if he or she dies early, or people who want to make sure they can leave money behind to their loved ones.
Who Needs Life Insurance?
Do You Need It? If you have enough money (or you and your spouse have enough money) to take care of your family if you were to die, then you may not need life insurance. Also, once your children are all grown up and no longer depend on you for total financial support, you might not need it. Additionally, this might not be necessary if your estate is small enough that you won’t owe estate taxes or liquid enough that the estate taxes can be paid if you die.
However, you should always consult with a financial advisor if you are unsure about whether or not you need to purchase life insurance. You might think that you don’t need it, but it’s always for your and your family’s best interest if you’re insured.
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Chandler, AZ 85225
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