Helpful Information on Choosing a Life Insurance Policy in Wichita KS

by | Mar 2, 2015 | Insurance

While there are many different types of life insurance in Wichita KS, there are two types that are most popular. Unfortunately, choosing the right type of policy is not always easy. This is why many people rely on working with an insurance agent to help them make the right decisions for their coverage needs. Through this information, you can learn more about your options so you can be prepared.

1. Term life insurance covers people for a specified period of time. These policies typically are purchased for fifteen and thirty years of coverage. This type of coverage is considered basic coverage and does not build any cash value. This type of policy is typically the least expensive option available. As long as the premiums are paid during the coverage period, there is a guaranteed death benefit amount.
2. Whole life insurance is more expensive, but also offers more options. This type of policy is meant to last a lifetime and covers a person for as long as they pay their premiums. The policy also gains a cash value that can be borrowed against to pay premiums or pay expenses. These policies typically have a fixed rate so the premiums never rise in cost.

When deciding on life insurance in Wichita KS, it is important your loved ones are provided for upon your death. A life insurance policy can help:

1. The benefit amount can allow your spouse to be able to pay off your mortgage.
2. It can allow your children to have their education paid for.
3. Benefits can also allow your business to continue to operate.
4. Life insurance benefits can replace your income so your family can take care of living expenses.
5. A life insurance policy gives your family an amount to withdraw from when they need it.

If you are considering purchasing life insurance, contact the Andy Woodward Insurance Agency. They will assist you through the process of finding the right type of coverage for your needs. Contact them today and allow them to schedule you an appointment so you can learn more about your options. This will allow you to make an informed choice so your family is provided for.

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