Life Insurance
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Life Insurance Information
It can be wise for people of all ages to secure life insurance. This is especially true if you have a dependent, such as a spouse, parent or child, who relies on you financially.
What Is Life Insurance?
Life insurance is a binding contract that pays a death benefit to the policy’s named beneficiaries when the insured person dies. Beneficiaries can use a death benefit to pay for things like funeral costs and everyday living expenses.
Does Life Insurance Expire?
There are many kinds of life insurance policies, but they generally fall into one of the following two categories:
1. Term life insurance usually lasts anywhere from one to 30 years and will only pay out if the death occurs while the policy is still in place. While these types of policies have expiration dates, they are often renewable.
2. Permanent life insurance pays a death benefit whenever the policyholder dies. It usually includes a cash value component and does not expire unless the policy holder stops making payments and.
How Many Life Insurance Policies Can I Have?
You can have multiple insurance policies, but insurers may limit the total amount of coverage you can buy. For many people, one policy is enough. The following are a few situations where it may make sense to have more than one life insurance policy:
- You own a small business.
- You need to cover final expenses.
- You want to leave an inheritance.
How Much Life Insurance Do I Need at 60?
Everyone’s insurance needs vary. As you age, you may think that life insurance is less important, but that isn’t always the case. Some might find that they need life insurance more than ever. The following are examples of factors to consider when analyzing your life insurance needs after the age of 60:
- If you have outstanding debt
- If others depend on you financially
- If you currently have life insurance and the amount of coverage you have
Speak with an agent for more information on available coverages and costs.
Life Insurance Quote in Asheville, NC
To learn more about life insurance options, contact the experts at General Insurances Services. We’ve been helping people find the coverage they need since 1975.
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