Life Insurance

Having proper life insurance is essential in planning for your future and that of your family. Life insurance will assist you to fulfill promises you have made to your loved ones after you are gone. Innosure Insurance in Enfield, CT helps you find the right life insurance coverage and guarantees that your policy frequently meets your demands.

Available options

• Term life insurance: This option provides protection for a defined period. The client chooses a term that meets their needs either 10-, 15-, 20-, or 30-years. This option is ideal for new customers as a starting point. Besides, term life insurance can be converted to permanent coverage, providing flexibility as personal needs change.
• Permanent life insurance: This option offers coverage for the entire lifetime. The coverage is guaranteed as long as premiums are paid as stipulated in the policy. This option is also an investment opportunity, as it may create cash value over a period.
• Universal life insurance: It is a kind of permanent protection branded by its supple premiums, unbundled pricing structure, and face amounts. It also builds cash value that earns an interest over time.

At Innosure Insurance, we will help you find the right life insurance to meet your needs. You will gain a death benefit, where after you pass on, your beneficiary will receive tax-free money to cater for funeral expenses, estate taxes, tuition, debt, or other needs.

It’s a pretty straightforward process. Everyone should consider it. Your employer-provided plan might not cut it. All of these are true statements about life insurance. When you have a life insurance policy in place, you gain peace of mind knowing that your family will have the financial help they need in the event of your passing. After a policy pays out, the money can be used to pay for anything from your final expenses to outstanding debt left behind to your kids’ college funds.

4 Common Misconceptions About Life Insurance

 While there are countless misconceptions people have about life insurance, here are four of the most common ones and why they’re not true:

1. It’s Too Confusing

Sure, life insurance comes in many different forms. However, compared to other types of insurance, it’s actually quite clear-cut, especially if you go with term life insurance. You decide on the amount and length of coverage you want, and you pay a monthly premium. If you pass away during the term, your beneficiary will receive the full amount. Most people opt for a $250,000 or $500,000 plan. And you’ll typically choose between a 10-, 20- or 30-year term. 

2. It’s Not for Seniors

Another myth is that seniors can’t get life insurance, which is completely false. There is no shortage of life insurance plans that seniors can qualify for, including plans that are crafted specifically for older adults. Whether you choose a whole or term life insurance plan, you can rest assured that your loved ones will have financial assistance if you pass away. Even if you have to pay higher premiums and have more restrictions on your coverage, life insurance is still one of the wisest investments you can make.

3. Young/Single Adults Don’t Need It

A lot of people who are young and/or single believe that they don’t need life insurance. However, this couldn’t be further from the truth. Life insurance is cheapest when you’re young. Not only will you have low premiums, but you also won’t have as many assets to pass on. Procrastinating will only increase your risk of developing health issues and cost you more money in the long run. And if you’re single, you can’t know for sure that you’ll be single forever. Take advantage of low premiums by getting life insurance now, and you’ll be better prepared if you get married and/or have children. 

4. My Employer-Provided Policy Is Enough

The life insurance provided by your employee is no doubt a benefit. However, it’s probably not enough to sufficiently cover your loved ones in the event of your passing. For example, most employer-provided life insurance policies will only pay out one to two times your annual salary. Even if you are able to add to that plan, you will likely save money by starting your own, and you won’t be at risk of losing it if you get fired. 

Don’t believe these myths and misconceptions about life insurance. Remember that life insurance is generally a simple concept, that older adults can find a great plan, that young and single people still need it, and that you might not want to rely on your employer-provided plan. Most importantly, watch out for other popular misconceptions out there, and start researching plans so that you can get covered now.   - Nicole Rubin, author.  visit www.insureabilities.com for more knowledge.