The Facts About Minneapolis Minnesota Life Insurance
From St Paul and Bloomington to Minneapolis, Minnesota, individuals should consider having a life insurance plan. Whether it is an individual or family, having such a policy in place can provide considerable coverage in a potentially difficult time.
Life insurance is designed to cover needs that are left behind, in the event that an individual passes away. An individual may only need to cover certain debts and funeral expenses, while it is much more involved for families. For instance, losing an income of a parent in a four-person family can be devastating – in this situation, life insurance benefits can be used to replace income, manage debts (mortgage), and other expenses, savings, and goals.
There are two basic types of life insurance, with further variances in each area:
- Whole Life: Whole life insurance is a permanent policy that offers a death benefit. As long as premiums are paid, the amount of the benefit (i.e. $50,000) will be paid when the insured person dies.
- Term Life: Term life insurance policies are only available within the term of the specific insurance policy. For instance, a 30-year-old man may purchase $100,000 of protection for 30 years – after that 30 years, he will no longer be covered under that policy.
While there are other types of life insurance under these broad categories, the basic feature of life insurance is intact. Minnesota residents should also be aware of other possibilities, such as the ability to purchase more than one policy, to use a policy for their business, and other elements.
Those looking for life insurance are advised to speak with an independent insurance agent like Allinsurance Agency. This is a good idea to receive advice on types of policies, the amount, and other areas where experience can come into play. Independent agents like Allinsurance Agency will always be accessible to explain the policy and answer any questions that arise. Once it is time to compare quotes, the independent agent will be able to look at multiple carriers for a competitive rate.
Strongly consider how life insurance can play a role in your financial strategy, for you and your family.