When our owner, George Fogle, is asked who should get life insurance, his answer is always very simple.  He says, “If you love someone, you should have life insurance”.  This really made it clear to me – you are not getting life insurance to benefit yourself, you are getting it to protect your family, assets, and legacy.  Securing life insurance can be one of the most selfless actions you can take.

 

Types of Life Insurance:

Term Life Insurance: One of the most common and most affordable forms of life insurance.  A term life policy has a set amount of years at a set premium that you agree to pay in exchange for coverage.  Once that term period is up, the policy will either terminate or some companies give you the option to extend the term but at a much higher premium.  Term life insurance is sort of like “renting” your coverage.

Permanent Life Insurance: Just like it sounds, the different kinds of permanent life insurance are designed to last your whole life.  There are a couple different kinds you can chose from and there are pros and cons to those depending on what your goals are.  Whole life policies are designed to last your whole life while you pay a premium (typically the length of the policy term).  Universal life policies are very similar to whole life, but they have a cash value account that can build up and you can take money out of that account if you need to.

Average Monthly Costs for a 35-year-old non-smoker with $250,000 in coverage

Male 20-year term: $25/month

Female 20-year term: $20/month

Male Whole Life: $150/month

Female Whole Life: $140/month

Life insurance will get more expensive as you age!  It is always best to get it sooner so you can secure the best rate possible!  Call us to go over options and evaluate your needs!

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