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Life Insurance Information
Missouri’s average household income is more than $73,000, or approximately $29,000 per capita. These are only annual statistics, so think about the astronomical amount of value that you will contribute to your family’s security over the years. What happens if you suddenly pass away? What will those you leave behind do without the value you have brought to their lives?
The solution might be life insurance. With a quality life insurance policy, you’ll be able to establish a financial legacy that can support your loved ones even when your death means a lot of uncertainty for them. If you’re interested in buying a plan, then there’s no time like the present to get it.
At Tri-County Agency, we believe in providing all Missourians with expert-designed, quality policies that are perfect for all parts of your life. We insure residents of Warrenton, Wentzville, Lake St. Louis, Troy, O'Fallon, St. Charles and beyond, and we want to be your trusted source of life insurance, too.
What is life insurance?
Everyone’s life has value, no matter how young or old that they might be. Therefore, when you die, the value (not to mention the love and support) that you have provided your loved ones will dry up. Life insurance enables you to leave a financial settlement to those you leave behind, which in turn can help them feel much more secure as they move on from your life.
The death benefit is the amount of money within the life insurance policy. There are different ways to choose the amount of death benefit you want to carry. For example, some people buy a death benefit worth ten times their annual income. Others might tie their benefit to a specific value, such as the cost of a child’s education.
There are two primary actors in life insurance policies besides the insurer:
Insureds: This is the person whose life is insured. If you are the insured, then upon your death, the policy pays a financial settlement to someone of your choice.
Beneficiaries: The beneficiary is the person who receives the death benefit. They might be your spouse, an adult child or even a charity of your choice. You cannot name a minor as your beneficiary. If you want to set terms on the use of the death benefit, then you can name a trust account as your beneficiary. The money can go into the trust on your death, and that trust will include rules on how the money is to be used.
What are the types of life insurance?
There are two basic types of life insurance:
Term Life Insurance: A term policy only lasts for a certain number of years, such as five, 10 or 20. If you die during the policy’s term, then your plan will pay the death benefit. However, if you do not die during the term, the plan will simply expire. You will have to apply for new coverage.
Whole Life Insurance: Unlike term plans, whole life plans will last for the rest of your life as long as you continue to pay for them. Whole life policies also offer the added benefit of a cash value investment account. When you make your premium payments, a portion of the premium will act as an investment. This investment will grow in value over time, and you can draw on it during your life as a source of income.
Under each type of coverage, there are a variety of other coverage options that are more unique, including guaranteed issue life insurance, universal life insurance and simplified issue policies.
Plus, the life insurance umbrella includes several other policy options, including benefits designed for more than just someone’s death. These can include:
Long-Term Care Insurance
When should I get a policy?
The earlier you get life insurance, the better off your security and your financial burden will be.
Primarily, if you are young when you get a policy, then you will be able to have coverage for a longer period of time and during a time of life when you have a lot of financial obligations.
Plus, your overall health and your age are among the factors that will influence your eligibility for life insurance After all, life insurance pays out when you die and the higher your risk of death, the more of a risk you will pose to the insurer. Therefore, older individuals will likely pay more for their coverage, and they might not qualify for certain policies.
So, why not get life insurance today? The experts at Tri-County Agency will work one-on-one with you to determine the best policy option for you. We know all the tricks of the trade to ensure you receive perfectly designed coverage that always offers you security, no matter where you are in your life.