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Regardless of your age, marital status, or current financial situation, buying life insurance is an integral part of planning for the future. However, shopping around for a policy is often confusing, especially when mediating between a comprehensive plan and your budget. As the top source for high-quality coverage in Andalusia, AL, Tim Bryan Insurance has helped match many clients find the most suitable products for their lifestyle at a rate they can afford. Below, he goes over a few key facts to know when considering life insurance.

What You Need to Know About Life Insurance

1. There Are Two Main Types

There are two types of policies available: term and whole life. The first provides coverage for a designated period and is usually less expensive, as it only intends to serve your short-term needs. Whole life coverage will last the rest of your life and may give you the opportunity to accumulate and access the cash value.

2. It’s Best to Buy Sooner Rather Than Later

In most cases, the longer you wait to buy life insurance, the more expensive your premium will be. It’s often possible to lock in a low rate while you’re still young and healthy, which makes it worth thinking about even if you’re single and don’t have any children yet.

3. You Need Life Insurance if You Have Dependents

life insuranceIf anyone depends on you financially, there is no doubt you should purchase life insurance. The funds they will receive after your death will help to replace your lost income and allow them to continue living the same standard of life they’re accustomed to.

4. There Are Four Important Roles in Every Policy

Every life insurance policy contains four roles that different people are assigned to: the insurance company, the policy owner, the insured, and the beneficiary. The company is responsible for paying out on the policy; the owner is whoever buys the policy; the insured is the individual named in the policy; and the beneficiary refers to the people who will receive the payout.

5. Life Insurance Should Be Used As a Risk Management Tool

An untimely death has the potential to leave your loved ones with a great deal of financial burden. Having a life insurance policy will provide them with the funds necessary to take care of various necessities, like mortgage payments, outstanding debts, funeral expenses, medical bills, and education costs.

The more you know about life insurance, the easier it will be for you to make an informed decision about coverage. Tim Bryan Insurance will help you explore all your options to find the best policy for your needs. As a Life Underwriting and Training Course Fellow®, you can rely on him for outstanding customer care and financial management advice. Call (334) 222-1460 or visit his website to request a quote today. 

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