Individual Life Insurance in Warrenton MO & Wentzville MO
Reassurance for you and your Loved Ones.
It can be hard to think about what happens when you pass away. If you have loved ones that depend on you financially, it’s essential to think about how to protect them after you’re gone. The last thing you want to do is leave your family stressed trying to figure out financials on their own. A life insurance policy is one of the best ways to provide financial assistance to your family after your passing. Our Tri County Agency agents are ready to help you get started with coverage.
Types of Life Insurance
Life insurance is a policy that allows the insured to designate beneficiaries to be allotted a sum of money after the insured dies. The way this works is that the insured pays a premium for a duration of time in exchange for the sum of money paid out after death. There are two main types of life insurance for policyholders to choose from:
Term life insurance
Term life insurance covers you for a chosen time and is an inexpensive way to have protection for a short time since it offers a death benefit with no cash value. Once your term ends, the coverage also comes to an end, and the value of your policy no longer exists.
There is no set rate for this coverage type. Term life insurance rates typically rise as you get older. Discuss your needs with your agent to determine your quote.
Permanent life insurance
Permanent life insurance refers to any other life insurance policy aside from term life insurance. These policies are long-term with tax-sheltered savings plans. This coverage lasts a lifetime which differs from term life insurance policies. Permanent life insurance policies build up a cash value that you can borrow against, withdraw or use to pay future premiums.
Premiums are typically costlier than term life policies, but be sure to speak with your agent for an accurate quote.
How Much Life Insurance Should I Buy?
Before buying life insurance, the first thing to do is to determine how much coverage you need. Several factors can affect how much coverage you need, including:
Family medical history
Be sure to discuss your factors with an agent to determine how much coverage you may need and the cost of your premium.
Learn More About Life Insurance
Our agents at Tri County Agency are ready to assist you with your coverage needs, including the tough ones like life insurance. Contact an agent today to get started with coverage or for more information.