Affordable Life Insurance in Pennsylvania
If you are looking for life insurance, we can help you choose an affordable policy with the best coverage for your individual circumstances. As an independent insurance agency, we can provide quotes with a multitude of companies. This is because we work through one of the nation’s largest life wholesalers!
What Is the Best Type of Life Insurance?
Often there’s confusion on what type is best. Some agents advocate only purchasing term insurance, others claim that universal life or whole life policies are best.
We believe the true answer is based on your individual circumstances and that’s why you can count on us to help you make the best decision for your life insurance needs!
There are three basic types of life insurance:
(1) Group life Insurance coverage may be available through your employer. Depending on your age, build, and health, group coverage may be more expensive than purchasing a life insurance policy on your own through an independent agent.
If there are health or age concerns, and you plan on working for the same employer for many years, group coverage can be an affordable way to get the coverage you need for less. If you leave your employer at some point, you may also lose your coverage. You may find that your rate jumps dramatically, if you decide to continue coverage on your own. We will help you figure out which plan or combination makes the most sense for your needs.
(2) Whole Life Insurance coverage is more expensive than Group or Term Life Insurance, but provides permanent coverage. There is also a tax-free cash growth component; however it typically is not more than 4-6%.
These plans can be complicated with varying fees and surrender charges. Because coverage is often carried for decades, one must consider Whole Life insurance as a long-term relationship with the insurance carrier. Therefore, carrier choice is very important. If you live to be a 100 years old, you want to make sure your insurance carrier will still be around too!
(3) Term Life Insurance is a low cost way to provide financial security for your loved ones. There are many reasons to purchase term insurance: (1) To have funds available to pay off mortgage. (2) Replace income of deceased. (3) To have funds available to hire a caregiver for young children. (4) And to have funds available to pay off loans (i.e., college loans).
Typical terms available are 10, 20, 25 or 30 years. Many people purchase term coverage in addition to Group or Whole Life because it is so affordable.
Do you know anyone who left their family without life insurance, or too little? Many of us do! While buying insurance may not be the world’s most exciting way to spend money, it’s one of the smartest financial moves you can make.
The difficult part is figuring out the answer to the question: “How much life insurance do I need to buy, for how long, and what kind is best?” Call us at 610-413-9880 and we will help you through the many options available to protect your loved ones. Or fill out the form below to get started.