It’s not something anyone likes to think about, but have you ever wondered what would become of your family’s financial future in the event of your death? Would they be able to pay the mortgage, cover the car payment or even afford to put food on the table? Would there be funds available to send your kids to college or take care of their medical bills?
Life insurance can ensure your loved ones will be able to replace your income and maintain their current standard of living. Without it, they could be facing an uncertain future with the possibility of being buried under an avalanche of debt.
Life insurance can cover your burial costs and other final expenses, provide educational funds and serve as an essential estate-planning tool. Some types accumulate cash value as you pay your premium over time which you can access during a financial emergency or use to supplement your retirement income.
Types of Life Insurance Available at Reisinger Insurance Agency, Inc.
While folks throughout Perry County and Central Pennsylvania turn to Reisinger Insurance Agency, Inc. for home and auto insurance, we also offer affordable life insurance coverage from Erie Family Life, a sister company of Erie Insurance Group.
The goal of life insurance is to provide your family with money and stability. With your specific life insurance plan, they can maintain a reasonable standard of living and remain in your home. Factors that determine the cost of life insurance include your health, age, tobacco use, hobbies and health.
You can select from several life insurance policy types from your life insurance agency including:
- Term life: Term insurance is an economical protection option you can purchase to cover a 10, 15, 20 or 30-year period. Term insurance does not accumulate cash, but it is the most affordable form of life insurance. You can get a significant amount of coverage at a low cost.
- Whole life: Whole life insurance gives you guaranteed lifetime coverage and a level premium. It also accumulates cash value that you can borrow against if you need money for emergencies.
- Universal life: Sometimes referred to as flexible premium life, universal life insurance enables you to vary your premium payments — the larger the premium, the more cash value the policy will accumulate over time. Universal life can be an ideal solution for anyone who needs life insurance protection combined with savings for a vehicle for college, retirement, estate or business planning.
The Difference Between Term and Whole Life Insurance
Two over-arching types of life insurance exist — temporary and permanent. Under temporary, you can select a term policy. Under permanent, you have the option to choose whole life insurance. The temporary type encompasses short-term debt reduction, educational expenses, family income and home mortgages ranging between one and 30 years or longer.
Permanent policies last for your entire lifetime and include estate taxes, retirement saving protection and financial expenses. They are universal plans perfect for meeting specific goals and are open to people of all ages. Permanent insurance gives you lifetime protection as you pay your premiums.
When referring to term vs. whole life insurance, refer to the following characteristics of each.
With term life insurance, you take the risk of outliving the coverage. Other aspects of term insurance follow. It is:
- Effective only if you die while the term is effective
- You can convert most term policies to whole life
- The type that can last five, 10, 20 or 30 years
- The most cost-effective and easiest plan
- When a policy is ending, you can convert, re-apply or discontinue coverage
- Only able to provide death benefits
- A plan with premiums that increase after renewal
- Created to provide coverage for short-term needs for a limited time
- Available in a variety of plans
With whole insurance, you can withdraw portions of money during the life of the policy. It also:
- Is a better choice for estate planning
- Can potentially save you money over time
- This is true for both term and whole life.
- Offers death benefits and cash value accumulation
- Has more expensive premiums at first
- Requires you to get a health examination
- Takes 12-15 years to build up cash value
Do Life Insurance Policies Require Physical Examinations?
While not all plans require a physical exam, those that pay high death benefits as part of the policy often do — like whole insurance coverage. Paramedics or licensed healthcare workers often perform the exams at your home, and the tests consist of urine and blood samples, weight and height. The paramedics may also conduct an EKG.
You should prepare to answer questions about your medical history and any current health problems you may have. Some additional information may be required, such as your driving record and credit history.
Reisinger Insurance Agency, Inc.: Your Best Source for Life Insurance in Perry County
As your Cumberland, Dauphin and Perry County life insurance agency, we understand that finding the right policy for you and your family may be difficult. Our professional team will explain various plans and their benefits to eliminate any confusion. We will guide you through the process to find the exact protection plan you need.
When we know your objectives, we can convert them into a solution that will provide you peace of mind. Life insurance policies are the foundation of planning the financial security of your family. Reisinger Insurance Agency, Inc. will help you make informed decisions so that you can keep your promises to your family in the future.
Contact Us to Explore Your Life Insurance Options
Learn more about how a life insurance policy from Erie Family Life can safeguard your family’s financial future and give you peace of mind. Talk with a Reisinger Insurance Agency, Inc. agent to schedule a free insurance review today. Or, contact us online for more information.
Your Team of Experts
FAMILY OWNED SINCE 1955
Our On-Staff Life Insurance Experts Can Steer You in the Right Direction
Reisinger Insurance Agency, Inc. is proud to be a family-owned-and-operated agency that has been serving Perry County and beyond since 1955. When you choose us for your insurance needs, you work with a staff of knowledgeable, caring insurance professionals who will take the time to get to know you. We’ll ask the right questions to help you determine the best insurance options for you and your family. We’ll also be there to make any necessary coverage changes that may arise during life events such as buying a home, having children or entering your retirement years.