Safeguard your family’s future with the right life insurance policy. Serving Elyria and all of Ohio.
Don’t leave the future of your loved ones to chance. Having the right life insurance is pivotal in planning for the future of you and your loved ones. Life insurance can help you fulfill promises you’ve made to your family when you are gone.
Savoy Insurance Group can help you find the right life insurance policy for you and help ensure that your policy continually meets your needs. Moreover, SIG offers a competitive, affordable product to those diagnosed with diabetes, so Life Insurance is accessible to as many of our customers as possible. Contact us today to get started.
Life Changes — So Should Your Policy
The right life insurance policy will be unique for you and dependent on your personal and financial needs.
As your life changes, your life insurance coverage may need to change in order to adapt to your current needs.
Some life transformations that may require a policy tune-up? include the following:
- You recently married or divorced
- You have a new child or grandchild
- You have opened or expanded a business
- Your health or your spouse’s health has deteriorated
- You are providing care or financial assistance to a parent
- Your child or grandchild requires assistance or long-term care
- You recently purchased a new home
- You are planning for a child or grandchild’s education
- You are concerned about retirement income
- You have refinanced your home mortgage in the past six months
- You or your spouse recently received an inheritance
- You have a sizable estate
Common Types of Life Insurance
There are several different types of life insurance policies available — the most common include the following:
- Term Life Insurance
Term life insurance provides protection for a specified period of time. If you do not currently have life insurance, term can be a good place to start. It’s generally less expensive than whole life insurance, and is available in varying time periods with fixed premiums from a one-year (annual renewable term) to 20-year (level term) period. Furthermore, term life insurance is sometimes convertible to permanent coverage, providing you with flexibility as your needs change.
- Whole Life Insurance
Whole life insurance is a form of permanent life insurance that remains in force for your entire lifetime, provided premiums are paid as specified in the policy. Whole life insurance can be an investment opportunity, as many whole life insurance policies also build cash value over time.
- Universal Life Insurance
Universal life is a form of permanent life insurance characterized by its flexible premiums, face amounts and unbundled pricing structure. Universal life can build cash value, which earns an interest rate that may adjust periodically, but is usually guaranteed not to fall below a certain percentage.
- Indexed Universal Life Insurance
Indexed universal life is a version of universal life that combines death benefit protection with the opportunity to grow cash value through an account that credits interest based upon the upward movement of stock market indexes – without the risk of investing directly in the market. The Index Account features a zero percent floor which guarantees your account won’t earn less than zero percent due to poor market performance.
So what type of life insurance is best for you? Talk with the team at Savoy Insurance Group today at 440-365-0435. We can assist in identifying the best protection for you.
Advantages of Life Insurance
Not only can life insurance provide assurance for your family after you are gone, many life insurance options offer other benefits and investment opportunities you can take advantage of while you are living.
Advantages of the life insurance death benefit: When you pass away, your life insurance provides income tax-free money to your named beneficiary or beneficiaries that can be used to pay funeral expenses, debt, tuition, estate taxes or virtually any financial need. Your policy can help provide security for your business as well, by enabling partners to buy out the interests of a deceased partner and prevent a forced liquidation.
Advantages of Living Benefits: The cash value growth of a whole life insurance policy is tax-deferred, meaning you do not pay taxes on the growth of cash value, unless money is withdrawn. Loans or withdrawals can be taken against the cash value of a whole life insurance policy to help with expenses, such as college tuition or the down payment on a home.
Life Insurance FAQ
How do I know if I need life insurance?
In most cases, if you are financially responsible for another person, life insurance is a good fit for you. This can include a spouse, children, or any other dependents. Even if you do not currently financially contribute to your family’s income, you still may need life insurance. If you are a homemaker, or are primarily responsible for child rearing in your home, life insurance can be a good investment for you. The right policy can ensure that the costs associated with this labor are covered. Further, if you are currently in debt of any kind, investing in a life insurance policy can protect your loved ones from assuming any potentially crippling debt.
Is term, universal, indexed universal or whole life insurance the right fit for me?
The right life insurance policy for you will depend on a number of factors. Your age at the time you purchase the policy, the financial goals that you have set for your future, and the amount of coverage that you need will likely have an impact on the type of life insurance policy that you select. Consulting with a licensed life insurance agent about your options can help to clarify what type of policy would be appropriate for your needs.
I have life insurance coverage through my employer. Do I still need life insurance?
Yes. Life insurance provided by your employer may give you coverage while you are working with that organization, but if you choose to change careers, experience termination, or stop working due to a medical or personal incident, this life insurance policy will no longer cover you. Investing in a personal life insurance policy secures your life insurance coverage in the event that you change employers.
The right life insurance coverage for each and every one of our neighbors in Elyria is unique — talk with the Savoy Insurance Group team today to find out how to protect your family and your future with the right life insurance.
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