Life Insurance

Protect What Matters Most.

Life insurance can remove some of the uncertainty surrounding your financial stability when you die. This coverage can help ensure your loved ones are financially taken care of when you can no longer do so. 

How Does Life Insurance Work?  

Generally, you work with an insurance agent to determine your needs. Sometimes a third-party administrator may conduct a physical exam on you, and afterward you’ll receive your rates and select a suitable life insurance policy.  

Your policy premium depends on the insurance you choose, along with your risk and health. Policy terms vary but are typically payable upon death. This money, known as a death benefit, is given to your chosen beneficiaries who can use the money as they want when you die.  

What Are the Primary Types of Life Insurance?  

There are two primary types of life insurance with different policy expiration parameters.  

• Term life insurance: A term life policy can provide money to your beneficiary if you die during the term. This term may be a period of 10, 20, 30 or more years, depending on the expiration date of your policy. If you don’t die during this time, the policy doesn’t pay. You will need to reapply for a new policy to continue coverage. 

• Whole life insurance: A whole life policy lasts for the remainder of your life once enrolled. The policy won’t expire unless you stop paying it. This plan also offers a cash value investment opportunity, and the cash value component can provide a source of income while you are still alive (in addition to the eventual death benefit). 

Additional types of life insurance may also fit your needs, and we can explore what types may be available. These other coverages include the following:  

• Final expense insurance   

• Group life insurance

• Individual life insurance

• Key person insurance

• Long-term care insurance

• Mortgage protection insurance

• Second-to-die policy

• Universal life insurance

How Much Life Insurance Do I Need in Retirement?  

Once you are near retirement age, reevaluating your life insurance options may be in your best interest. Whether you have a current policy or need to purchase one, it’s essential to consider any debts, children, dependent spouses or other financial obligations that may impact the coverage you need if you pass away.  

Financial Support for Your Loved Ones 

You can ensure your loved ones have the financial support they need, and life insurance can help. Call the Miller Farrell Insurance Agency at 402-873-3331 to get started on your policy.