Individual Life Insurance
While it’s not the most pleasant topic to think about, life insurance can make a huge difference to the loved ones you leave behind. At Gracepoint Insurance, we understand the emotional challenge of working through life insurance planning and can help you choose the policy that will fit your needs at an affordable price.
To determine your life insurance requirements, you want to consider what you want or need to accomplish with this type of coverage. For example, you might wish to:
- Provide a tax free income for your beneficiaries
- Have funds for the payment of the final expenses or estate taxes
- Replace the income that is lost if you die
- Provide a significant charitable contribution
While life insurance is a type of coverage that many families find essential, it’s a little different from the types of policies you may already have. Here are some of the things that your life insurance policy can provide for your family:
- A source of savings — If your policy is not paid out by death benefit, it may have a cash value.
- Final expenses — Use life insurance to pay for funeral and burial expenses.
- Income for dependents — a life policy can provide much needed income for your dependents when you die. Often, this is used for children, but can also be used for a partner that has a loss of income.
- Inheritance — Use a life insurance policy as an inheritance even if you don’t have substantial assets to pass on to your beneficiaries.
- Funds to pay taxes
- Seed money for charitable contribution
Life Insurance Options in Acworth, Georgia
Generally age and health are the most important factor in the premium you will pay. Although you can purchase a policy at any age, the younger you are the more affordable the policies will be.
All life insurance policies are designed to pay a benefit when someone dies. The two most common types of life insurance are Term and Whole (or Permanent) policies.
Term Insurance is usually the most affordable type of coverage. The term of the policy usually lasts between 1 and 30 years and pays only if a death occurs during the policy term. Most term policies have no other benefit provisions.
Term policies can be level term which means the death benefit will remain the same throughout the duration of the policy, or they can be decreasing term which mean the death benefit drops over the course of the policy’s term. When the policy term ends, you may or may not qualify for new coverage based on your health, and based on your age, the cost of the premium may be too high to be affordable.
The advantage of Whole or Permanent Insurance is that the death benefit and premium will usually remain the same during the duration of the policy. These policies can also build cash value which may be withdrawn or loaned similar to a savings account.
The 3 types of Georgia whole life insurance are traditional whole life, universal life, and variable universal life, and there are variations within each type.
Our agents at GracePoint Insurance can guide you through the different types of Georgia life insurance policies available and help you choose the policy that will best fulfill your unique needs and goals. Call us at 678-224-9333 to learn more about your coverage options.