Life insurance is financial security for the ones you love most, when they need it the most. The death of a loved one can be financially devastating for surviving family members. From final expenses to the loss of income, the burden can be unbearable without the right amount of life insurance. At Tagge Insurance, we offer life insurance solutions that benefit people at all stages of life, whether you are getting ready to tie the knot or preparing to send your daughter off to college.
Why Purchase Life Insurance?
In addition to covering a funeral, burial, and other financial expenses, there are many reasons to purchase life insurance.
Income Replacement
Income replacement is perhaps the most important use of life insurance for working individuals who have dependents. If someone depends on you to pay a mortgage, cover the grocery bill, provide health insurance, and save for retirement, losing your income due to a premature death could cause financial devastation. The same principle applies to homemakers who provide valuable service to a household. A family could spend thousands of dollars per year on childcare and cleaning services after the loss of a stay-at-home parent or spouse. With life insurance, you can ensure that the loss of your income or presence in your home will not be a financial burden to surviving dependents.
Fund a Dependent’s Future Expenses
It costs a lot of money to raise a child from birth to adulthood. In addition to standard living expenses, you can earmark life insurance money to fund a child’s college education, the purchase of a first car, and even a future wedding. If you do not have children, consider your spouse’s future expenses. Perhaps you had planned to retire early and travel. Life insurance can make that possible for a surviving spouse despite the loss of your income.
Leave a Legacy
Do you dream of the legacy you will leave after your passing? Do you wish to leave behind something of meaning for future generations? Life insurance makes it possible to leave an inheritance for your heirs or donate a sizable contribution to charity in your name.
Save for the Future
Life insurance can also be helpful to individuals who wish to create a savings and investment opportunity that could provide financial benefits in the future. A permanent life insurance policy can accumulate cash value over time, against which the policy-holder may borrow or withdraw funds.
Types of Life Insurance in Missouri
Life insurance comes in two forms – term life and permanent life insurance. With a term life policy, you pay a low, level premium for a guaranteed death benefit that is usually worth hundreds of thousands of dollars. The policy typically expires within 10, 20, or 30 years. Term life insurance is often recommended for earners who are interested in income replacement prior to retirement.
Another type of coverage – permanent life insurance – never expires so long as premiums are paid for the continuation of the policy. These types of policies (also known as whole life and universal life coverage) will pay a guaranteed death benefit, and they will also provide living benefits as the policy accumulates cash value. A policy-holder can borrow against or withdraw from a permanent life insurance policy to fund future expenses.
Springfield Life Insurance Quotes
Don’t lie awake at night wondering what would happen to your loved ones if something happened to you. There has never been a better time than now to provide your family with financial security for the future. Contact Tagge Insurance to discuss your life insurance needs and request your free quote today. We look forward to serving you soon.
