Life insurance is an important part of your family’s fiscal security. In the event of the untimely death of a spouse, the family would be protected. Many Americans do not have adequate insurance. A study conducted by the National Association of Insurance Commissioners discovered that less than half of families have life insurance. Those that did have coverage had a policy that would only provide funds to cover approximately three years. The team at Henderson Insurance Agency, serving the Harrisburg, PA area, know that your family is important to you. They can help you decide the type of coverage you need.
There are several different types of insurance plans. Term life insurance provides coverage for a year or more if you were to die during that period. Also, most policies can be renewed for additional time periods even if your health declines. While they may be renewed for multiple years, the premiums may increase as you age. It may be possible to convert the policy to a whole life policy after a period of time. Even so, the premiums may still be higher than a term insurance policy.
A whole life insurance policy will protect you throughout your entire life. The premiums will be higher than a term life policy but they will remain consistent throughout your life. Over time, this can mean sizable savings for you family. In some cases, policies only require premium payments for a period of 20 years or the age 65. Whole life policies develop a cash value over time. This allow you to borrow against the policy if you need to.
When you start thinking about life insurance, visit the Henderson Insurance Agency. Our team serves families in the Harrisburg, PA area.