PROTECTING A LIFE – WHAT IS LIFE INSURANCE, AND HOW DOES IT WORK?
Are you looking for a reliable life insurance policy that offers affordable pricing and flexible options? Welcome to Insuring Minnesota, where we have been helping families find the best life insurance for generations. Our financial professional will answer your questions about life coverage and how it works.
Let us provide some of the basics here. Life protection can provide your family with financial protection and peace of mind. It’s a contract between you and a Minnesota life insurance company that will pay a lump sum of money to your beneficiaries if you die. The lump sum of money is also known as the death benefit.
Your beneficiaries can use the death benefit for any purpose they choose. Generally speaking, the proceeds from a life insurance policy in Minnesota are tax-free and not considered in your gross income. If you were to receive interest, this is taxable.
Let us help you find an option that is best for you. Contact our office at 952-222-8073 or complete our simple online form to receive a life insurance quote today.
WHAT ARE THE DIFFERENT TYPES OF LIFE INSURANCE? HERE ARE THE 4 TYPES OF POLICIES MINNESOTA INSURANCE COMPANIES WRITE:
- Term Life Insurance – Term insurance is the cheapest, most affordable type of insurance, and it is straightforward to understand. Employers’ life insurance is typically term insurance, as it is a basic policy with no additional features or benefits. It is also commonly used as mortgage insurance to pay off the house in the event of a spouse’s death. Term insurance is what the name implies; it is for a specific time. Examples include annual renewable terms of 10, 15, 20, 25, and 30 years. If the insured dies during the “term,” their beneficiaries are paid the money or death benefit. The life claim will be denied if the insured dies after the policy term. Term insurance, some people say, is designed to expire before you do, which is why it’s so affordable.
- Whole Life Insurance – Whole life insurance is permanent coverage, designed to cover you for life or until age 100, and it combines insurance and investment components. The insurance component provides a predetermined amount to beneficiaries upon death, and the investment component allows a cash value to build over time, which can be borrowed against or cashed out. Many different things can happen with a whole life insurance policy. It can be used for funding after the death of a breadwinner, paying off mortgages, liquidating business debts, and settling a business partner’s spouse’s debts. Whole life insurance is more expensive than term insurance because it can last until age 100.
- Universal Life Insurance – Universal life insurance offers qualities similar to those of affordable term insurance, with a cash value that accumulates over time. However, it also provides more flexible premiums and tax-deferred growth, allowing interest to accrue. The premiums paid each month include part of the life premium, and the rest is allocated to the cash value. As part of the whole life policy, the insured can borrow against the cash value for various personal needs. The life insurance death benefit is tax-free to the beneficiary, unlike the cash value if chosen.
- Variable Life Insurance – Variable life insurance offers permanent life protection, with the cash value invested in and divided among sub-accounts. Not all agents can sell variable life because, like mutual funds, it is invested. Like the other two permanent life policies above, the cash value accrues tax-free. Again, like all life policies, the proceeds may pay off debts and other expenses. Life protection can provide families with a great sense of financial security.
HOW MUCH DOES LIFE INSURANCE COST?
Life insurance costs can vary based on your situation. Life insurance companies use various factors to determine the price, including gender, age, height, weight, blood pressure, smoking status, and medical history, as well as your occupation, hobbies, and any specific medical conditions.
If you would like more information about life insurance quotes or have questions about life insurance, please call us at 952-222-8073.
HOW MUCH LIFE INSURANCE DO I NEED?
The amount of life coverage you need is based on several factors. It begins by assessing your current financial needs and the resources available to you. Items like the salary you’re looking to replace, mortgage balance, college funding, funeral costs, all debts, and even daycare costs should be considered. Using a life insurance calculator can also be of assistance.
WHY CHOOSE INSURING MINNESOTA AS YOUR AGENT FOR LIFE? LET’S FIND YOU A MINNESOTA LIFE INSURANCE COMPANY AND THE BEST POLICY.
Choose us because we are honest, experienced, and dedicated to helping you find the proper life protection and policy tailored to your specific needs. Having a professional life agent on your side makes all the difference in the world. Tell us about your needs; we are listening.
Choose us because this is a significant decision. Perhaps we have already written your car, homeowners, or business insurance, and you already trust us. If not, please let us earn your business.
Choose us because we are local, right here in Lakeville, Minnesota.
Choose us to ensure all paperwork is accurate. Your customized life policy will meet your needs.
Choose us because we are there at the end to help your beneficiaries file the claim and guide them through every step.
IT IS UP TO YOU TO TAKE THE NEXT STEP NOW – NO PRESSURE HERE OR PUSHY AGENTS
Please take the next step and contact our local office. Let us help you find the best life policy for you. We will provide you with options, answer your questions, offer recommendations, and then let you decide.
No Pressure – No Hassle – No Problems
We want you to understand what you are buying, as this is a significant decision. Thank you in advance for your trust and business.
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