If you have people who depend on you and your financial income, life insurance is a must-have in your insurance portfolio. But which plan is the best fit for you? Crossroads Insurance will help educate you on the different options, premiums and benefit payouts to discover the best life insurance for your situation. Then we’ll shop our network of top-rated insurance companies to find the plan for you. Keep in mind that while one type of life insurance might be right for today, it may not be so five years from now as life and circumstances change.
Do I need life insurance?
As we already stated, if you have someone that depends on you and your income (and you don’t have substantial savings), you should definitely consider life insurance. But there are also many other reasons to purchase a life insurance policy. Here’s a quick snapshot of how people have or plan to use their life insurance policy:
- Pay off mortgage
- Replace your income and help support surviving family members
- Cover final expenses, so it isn’t a hardship on your family
- Increase the amount that will be left in your estate for family members.
- Make a charitable gift with your life insurance payout
Which life insurance policy should I get?
Term Life and Universal Life are two great options, but they just scratch the surface of the life insurance plans available. To give you a quick overview, we’ve compiled a list of some of the key plans Crossroads Insurance can help you explore.
Universal Life Insurance
A highly flexible, permanent plan that provides a guaranteed death benefit and strong cash accumulation.
Term Life Insurance
The most inexpensive way to get a large amount of life insurance coverage. Level death benefit term periods with guaranteed level premiums for 10, 15, 20, or 30 years. Coverage expires at age 95.
Preferred Whole Life Insurance
Fully guaranteed traditional whole life insurance plan with five premium options. Choose from Single Premium Whole Life, Annual Whole Life, 10 Pay Life, 20 Pay Life, and Life Paid Up at 65. Medical underwriting required for a preferred rate.
Simplified Issue Whole Life Insurance
Traditional whole life insurance with five premium options. Choose from Single Premium Whole Life, Annual Whole Life, 10 Pay Life, 20 Pay Life, and Life Paid Up at 65. Guaranteed cash values and premiums.
Transitional Life Insurance
Provides a high-level life insurance benefit during the years you need it the most and ends with a guaranteed, paid-up policy that will be there for the rest of your life.
Graded Death Benefit Whole Life Insurance
Traditional whole life insurance plan with four premium options. Choose from Annual Whole Life, 10 Pay Life, 20 Pay Life, and Life Paid Up at 65. Guaranteed cash values and premiums.
Single Premium Whole Life Insurance
Increases the legacy you leave to your children or grandchildren. Death benefit is tax-free.
How much life insurance do I need?
The amount of life insurance you carry depends on a variety of factors, but Crossroads Insurance can point you in the right direction. Some key questions we will ask you in figuring that number include:
- What is your current level of debt?
- How much do you save and spend each month?
- What are your long-term financial goals?
- What education expenses do you expect to have for your children?
- How much money will those you leave behind need without your income?
You can also get an idea of the level of coverage you need by using this life insurance calculator.