Funeral and burial expenses are often only the beginning of financial burdens for loved ones who survive the passing of a spouse, parent, adult child, or even a business partner. Life insurance is designed to protect dependents and other survivors by meeting their needs long after you are gone. Some policies even offer living benefits that provide cash and investment growth options in addition to death benefits. At Burstad Insurance we help clients at all stages of life find affordable life insurance solutions that meet their short-term needs as well as their long-term goals. Whether you are growing your family, starting a business, or simply looking to leave a financial legacy after your death, we can help you find greater security for your family’s financial future.
Do You Need Life Insurance?
Life insurance is often purchased for the sake of financial dependents, including future dependents. This can include people who are in some way financially dependent upon you now, as well as those who may be affected financially after your death. You can use coverage to pay for final expenses, as well as pay off debts and replace lost income.
Though many people delay life insurance until they get married or start to have children, it could make sense to start shopping for coverage much sooner than that. Since premiums tend to be lower for applicants who are young and healthy, you could be gambling by postponing coverage until later in life. Not only might premiums be higher, but you may even become ineligible for coverage if you develop a disqualifying health condition.
Private vs. Employer-Provided Life Insurance Coverage
If you are already covered through an employer’s group life coverage, you may still need a private policy. Employer coverage, while beneficial, is often contingent upon your continued employment. Furthermore, the benefits are usually far too little to provide adequate compensation to survivors after a loss. If you change jobs, or if your beneficiaries are forced to file a claim, you risk having too little coverage (or no coverage) to meet your needs.
By purchasing a private life insurance policy from an independent agent at Burstad Insurance, you can determine the value of your benefits and the continuity of your coverage. Your policy can follow you anywhere you go and regardless of changes to your health, whether you change jobs, start your own business, decide to retire, or develop a risky health condition.
Types of Life Insurance Coverage
Our team can help you select between two primary types of life insurance: term and permanent. You may decide that one or both are right for you depending on your needs and goals for coverage.
Term Life Insurance
Term life insurance is a popular option for families looking to replace lost income and cover additional living expenses incurred after the loss of a financial provider or domestic caretaker. This coverage expires at the end of a selected term, which could be 10, 20, 30, or more years. Many families choose a term based on how long they expect to have financial dependents or how long they expect to work until retirement.
Although term life insurance is temporary and does not provide any cash value, the high benefits and low premiums are an attractive feature of these types of policies. Many families can obtain hundreds of thousands of dollars of coverage or more for a price that fits easily within the household budget. Even if a surviving spouse chooses to work, the insurance benefits can help pay off debts, pay for a child’s college education, and perhaps even fund a spouse’s retirement. It is a small priced to pay for peace of mind.
We may recommend term life insurance if you:
- Desire affordable premiums
- Require high death benefits
- Have debts
- Wish to leave a charitable legacy
- Have a business partnership
- Want to fund a survivor’s major expense, such as college or retirement
Permanent Life Insurance
Per the name, permanent life insurance policies are designed to cover the policy-holder for life. The coverage never expires so long as premiums are paid as agreed in terms of coverage. There are different types of permanent life insurance, each of which varies in the types of benefits it offers. These include:
Whole Life Insurance
Whole life insurance provides level premiums for life. These policies often accumulate cash value over time, allowing the policy-holder to ‘cash-in’ the policy for immediate financial benefits while still alive if so desired. Otherwise, the death benefit remains intact until the policy-holder is deceased. Policyholders who purchase coverage when they are young and healthy tend to enjoy low premiums for life. However, we here at Burstad Insurance can shop and compare life insurance costs and coverage solutions from multiple providers to find a whole life policy at competitive rates – even if you are have reached advanced age or in less than perfect health.
We may recommend whole life insurance if you:
- Want a ‘set-it-and-forget-it’ policy
- Want the option to cash-out your policy later in life
- Desire level premiums
Universal Life Insurance
Universal life insurance is a more variable type of permanent life coverage. This type of policy allows for flexibility of premiums throughout different stages of life while still maintaining a permanent death benefit. It typically comes with an investment option, in which a portion of your premiums are invested for growth. This may result in an accumulation of cash value that can be used to offset future premiums should the need arise. Likewise, insurers may allow you to borrow against your universal life insurance policy or otherwise cash it in for its accumulated cash worth.
We may recommend universal life insurance if you:
- Want flexible premiums
- Desire permanent death benefits
- Prefer an investment and growth option for your policy
Central and Western Wisconsin Life Insurance Quote
At Burstad Insurance, we offer multiple locations throughout Central and Western Wisconsin to serve your needs. If you need a new life insurance policy or wish to speak with an independent agent about your options, contact our office today. We look forward to serving you soon.
