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Bellefontaine Ohio term life insurance- Alan Galvez InsuranceLife insurance is an important kind of coverage but unfortunately, because it’s not required like auto or home insurance, a lot of people don’t understand how it works.  

When you purchase life insurance, you are paying a small amount of money so that if you were to die, the insurance company would pay out a lump sum to your beneficiaries.  (The people you choose to receive the money at that time.) 

Why would you want to do this?  Well for starters, life insurance can pay for expensive funeral costs.  Which is an expense that most families would struggle with, especially if it was unexpected. 

But it goes much further than that.  Life insurance can be used so that a mom or dad could stay home with children without needing to work after an unexpected death.  It could mean paying off a mortgage, paying for college in full, and much more.  

The needs of each family will be a little different, which is why it’s so important to work with an agent to determine how much your family needs and to assess what your goals are for the money. 

The problem is that many people are offered a very basic policy through their work and never pay much attention to how it works or what they’re getting. 

There are several different kinds of life insurance and it’s important to have the right one for your goals.  Term life insurance is a popular choice.  It’s called “term” because the policy only lasts for a certain amount of time.  It may be 10 years, 20 years, 30 years, etc.  At the end of the “term”, the policy expires and there is no death benefit paid out after that time. 

So if you’re only wanting coverage to last until your children are grown, then term would be a good choice.  It costs less overall and would serve a specific purpose. 

What happens when your term of time is up?

Many insurance companies will offer you the option of re-qualifying for another term (if it's a 10 year term policy that's expiring, then you'd be looking at another 10 year term). The chances are good you'll have to answer medical questions, so if you've developed serious medical conditions, you may not qualify for another policy. 

Also, many term life insurance policies offer what's called a "conversion" option, where you can convert a portion of your policy to a permanent policy upon the expiration of the term. The premium will be calculated at your current age, so if you first purchased the policy at 25 years old, and you're now 40, the premium will reflect rates for a 40 year old.  
 

We want to make sure that you and your family have exactly what you need. If you have questions, or need to discuss your life insurance, give us a call today at (937) 592-4871. You can also visit our life insurance resources page and request your quote

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Alan Galvez Insurance
134 W. Columbus Ave.
Bellefontaine, OH 43311

 (937) 592-4871

 info@galvezinsurance.com

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