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Life insurance: peace of mind for you and your family

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Curious fact:The warriors of Ancient Babylon had “life insurance.” If they died, their wives would receive financial compensation.

Life insurance is a contract between a client and an insurance company, where, in exchange for your premium payments, the company will give your family an amount of money known as a death benefit, after you pass away. Beneficiaries can use it however they please, but it is usually used to pay off debts, mortgages or to pay college tuitions.

How does it work?

The client chooses a payment plan, typically 15 to 25 years by paying monthly premiums to access a death benefit. This benefit consists of an amount of money that will be available to the family members of the beneficiary if he or she passes away. Also, a certain percentage of this benefit is available, depending on the policies of the insurance company, if the beneficiary is diagnosed with a chronic, critical, or terminal illness, this percentage may be up to 90% of the death benefit.

Types of life insurance

There are two main types of life insurance, term insurance and permanent insurance. The first option offers coverage for a specific period of time, and as a client you have the freedom to choose the coverage term you want to obtain. In the event of death within that period, your beneficiaries will receive the death benefit from the insurance company.

In the case of permanent life insurance, you’ll be covered for life and have the advantage of generating “cash value”, extra amount of money made up of a percentage of the premiums you pay. This type of insurance is usually more expensive than term life insurance. There are two types of permanent insurance:

  • For life

○ Has money savings, from which the insured can borrow or withdraw

○ The amount of cash value and death benefit are fixed, so this is a very reliable type of insurance

  • Universal

○ Offers low premiums that can be adjustable, death benefits are also adjustable

○ No taxes are applied when using savings money

○ There are two other subtypes of universal insurance, indexed and variable.

When choosing between different types of life insurance, it is important for clients to consider their priorities, according to their age and health condition. Whether you want to keep the premiums at the same price, you have an interest in the cash value or you need permanent protection, you can visit the link below where you can take a quiz that will help you choose the option that best suits your needs: https://www.mutualofomaha.com/life-insurance

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What do the premiums depend on?

The premiums that the insurance will charge depend on the client’s age and health status, so it is advisable to obtain this type of insurance from an early age. It is very common to find payment plans with premiums of $20 to $30 for young adults. These premiums may be more than $100 per month for older adults.

What are the benefits of life insurance?

Although many people see life insurance as an expense, it’s always a good idea to have it, for you never know when an accident that requires the benefits that insurance gives you may happen. Often, thanks to the low premiums, the profit is usually much higher. Acquiring life insurance can also be seen as an investment, since the amount the insured pays in their premiums, even at the end of their payment plan, is often much less than the amount the beneficiaries can receive with their death benefit. In the case of teens who usually pay up to $30 a month in premiums, meeting the 25-year coverage, they pay only $9,000, although they receive a much larger amount of money, which can be used by the beneficiaries.

Additionally, all types of medical expense insurance, in addition to the death benefit, can accumulate money with your premium payments. As you accumulate that money, you can use it to cover big expenses like buying a car. You can even use it if you need it during your retirement years.

Best life insurance companies

Forbes is in charge of making a list of the best life insurance companies, so that customers can choose based on the benefits each company offers and the needs you have. According to Forbes, the best companies this year are:

  • Lincoln Financial (Est. 1905)– Best company for Boomers
  • Mutual of Omaha (Est. 1909)– Best for indexed universal life insurance
  • Pacific Life (Est. 1868)– Best for retirement planning
  • Protective (Est. 1907) – Offers the best universal life insurance
  • Prudential (Est. 1875)– Best company for the elderly
  • AIG (Est. 1919)– Best company for recreational use of marijuana.
  • Equitable (Est. 1859)– Best for variable universal life insurance
  • Nationwide (Est. 1925)– Best company for Generation X and Millenials.
  • Northwestern Mutual (Est. 1857)– Best for permanent life insurance
  • Penn Mutual (Establecido desde 1847)– Best for estate planning
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Life insurance

When making such an important decision as obtaining life insurance, it is recommended to have the help of an insurance advisor and agent like Blanca. Remember that it is important to leave your security and peace of mind and that of your loved ones in the hands of experts, and nobody can do this better than the Blanca Your Best Solution team.

If you want more information, visit our website, where you’ll find all the different coverages we offer. We have guaranteed approval insurance, which will allow you to enroll regardless of your health status, and is useful for those that, for any reason, do not qualify for public health insurance. (healthcare.gov) #CallBlanca Now! https://wa.link/callblanca for free guidance.

Conclusion

To conclude, life insurance is an extremely useful tool for adults of all ages, as helps you protect your family, but also helps the insured person in the event of accidents or illnesses. Likewise, insurance also works as an investment, since a percentage of the premiums that the customer pays will be saved for use in the future. Life insurance is a way to give peace of mind to your family and your future, so you can live without worries.

For more information visit our website, where you will find all the information you need to know about our different coverages.

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