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Individual Life Insurance | London Insurance Agency
Death is not a good subject for breakfast, lunch, or any other time but it is an important matter that should be thought about. This is most important when you are the breadwinner of your family. Life insurance is the best way to keep your loved ones protected in case of unforeseen circumstances.
What is individual life insurance?
Life Insurance is complicated and many do not understand how it works. This is due to its flexibility and various coverages to cater to the needs of all types of families. Generally, life insurance has two types— term life insurance and permanent life insurance.
Term life insurance – this policy has a specific time and coverage amount. When a policyholder dies within the specified term, the insurance company pays the coverage amount to the beneficiaries.
Permanent life insurance – this policy includes whole life, universal life, and variable life insurance. When a policyholder dies, the insurance company pays the beneficiaries a death benefit and an accumulating cash value.
Life insurance covers many expenses, including, but not limited to the following:
- Stay-at-home labor expenses
- Living expenses for the family
- Burial expenses
- Loans from family members
- EState taxes that heirs must pay for their assets
- Co-signed debt such as student loans
London Insurance Agency has experienced and skilled agents who can explain to you your options. You’ll also be given quotes from top insurance companies to help you pick the right company.
What is a beneficiary?
A beneficiary is someone named by the policyholder as the recipient of the death policy’s death benefit. Depending on the client, the beneficiary can be a family member, a person unrelated to you, a business, or an organization. The holder has the sole freedom of choosing his/her beneficiary even without the permission of the beneficiary. The holder may also choose to have more than one beneficiary and decide how to split his benefits between his beneficiaries.
When choosing your beneficiary.
Be specific with the words that you use with your beneficiary designations. Don’t forget to always name a secondary beneficiary too.
How much life insurance do I need?
To know how much insurance you need, you’ll have to talk to your agent to examine your current and future financial obligations and the resources that your family has. The future obligation means the cost that your family may need after you pass away including shelter, food, clothing, utilities, taxes, college tuition, and retirement funds.
Subtract the financial obligations from the resources that your surviving family could have to get the approximate life insurance you need. If you aren’t able to compute this, you can go to your agent to figure out how much life insurance you need.
How do I find the right agent?
Looking for an agent by yourself can be exhausting and there’s a lot of trust issues that may arise. It will do you good to ask for recommendations from your friends, professional lawyers, or accountants. Ask about their experience and background and make sure that they specialize in the service that you are looking for.
Choose the agent who listens and answers your questions clearly. Call our agents now to see how they can address your insurance needs.