Life Insurance-Protecting your Family and Loved Ones

family, sunset, life insurance

Life insurance provides one major benefit and protection, it allows your family, loved ones or even business partners to carry on in the case of death. The passing of a friend, spouse, business partner or family member is always tough, but to add financial problems can cause devastation for years to come. Often it means the loss of a home, the closure of a business or at the least financial deprivation.

Having a quality life insurance policy in place can help take care of those that you care about. And the cost is often quite low, for term insurance, and if needed then it will provide great comfort at that time of troubled need.

At Lucas Insurance, we specialize in answering your questions and giving you the knowledge and options to make the right decision. Our knowledgeable and professional agents can help you navigate your way through one of the most crucial policy decisions you will ever have to make in your lifetime. Most all of us need life insurance and we have the expertise to secure you the right life insurance plan coverage that you can rely on.

We offer two distinct types of life insurance: whole and term life insurance

What is the difference between Whole Life Insurance and Term Insurance? Which should I choose, or should I have both?

Whole life insurance never expires, and therefore guarantees a payout to the policy holder. On the other hand, term life insurance covers only a specific period of time, and does not guarantee a payout. Because you are not guaranteed a payout, term life insurance tends to be less expensive than whole life insurance.

Term Life Insurance Basics:

  • Coverage for a “term” or period of your life.
  • Lower premiums for higher coverage.
  • Rates can change after specific terms expire.
  • No equity–cannot be used as cash value.
  • Often cannot be extended beyond its term
  • Zero return or value at the end of the term

Whole Life Insurance Basics:

  • Exactly like it says–permanent, not for a specific period.
  • Protection carries with you your whole life.
  • Can build equity and have cash value.
  • Higher premiums than term life, but can be more valuable in the long run.
  • Can be continued for your lifetime, as long as premiums are paid

Term and Whole Life Combined:

  • Build lifelong base of whole live coverage.
  • Supplement specific times of your life with term insurance.

When to choose term life?

Most people choosing term life have a strategy for long term net worth. They need specific coverage for a period of their lives to protect debt, loved ones, and children. For a homeowner with children it may make more sense to have a term life policy that covers the mortgage and living requirements until their children are old enough to provide for themselves – in this case the term would expire around the time your children move out.

When to choose whole life?

Whole life can be used in the retirement years as cash assets. It can provide equity for loans and have fixed payments that do not increase with time. Often times whole life policies will pay dividends – although not always.

Often it makes sense to have a blend of both whole life and term policies and we can help you to decide

If you would like to speak to a Lucas Insurance Services representative about your life insurance needs, simply fill out the quote form on this page. As soon as we receive your information, we will begin building a life insurance policy tailored just for you!