If you’ve never purchased life insurance, you may have questions about the process, your options, and the reasons to get a policy. Tim Bryan Insurance, a respected agent in Andalusia, AL, has helped diverse residents secure the coverage they need for their situations. Below, he offers an introduction to the subject for first-time buyers, explaining what it is, what types are available, and how it might benefit you.

A Beginner’s Guide to Life Insurance 

1. There Are Two Main Types 

Life insurance comes in two basic types: term and whole life. The first covers a set number of years, during which, if you were to pass, your beneficiaries would receive a death benefit to help them financially without your salary. Once it expires, you may reinstate the policy at a new premium rate that takes your age into account. Whole life coverage is permanent. It lasts until you die, and the price never increases as long as the policy remains active. It costs more, but it also includes an investment arm that lets you save for the future and build wealth that you can withdraw before death.

2. It Is Valuable Even if You Have No Dependents

If you have a spouse or children, life insurance is essential for their financial protection should the worst happen. However, even if you have no dependents, it’s wise to invest in coverage. A small policy will pay for your funeral and final arrangements, so your family or friends don't have to. Otherwise, in addition to their grieving, they will also have to shoulder the burden of expense.

3. Life Insurance Is Cheaper the Earlier You Buy It

The older you are, the more you'll pay for coverage. If you purchase whole life as a young person, your very affordable rate will never change. Nor will it alter during the prearranged number of years if you buy term life. The longer you wait, the more a policy will cost you, and the more hoops you'll have to jump through to get it—for instance, medical examinations.

To discuss your life insurance options with a committed State Farm® agent, lauded by both the industry and the local Chamber of Commerce, contact Tim Bryan Insurance in Andalusia, AL. He offers unrivaled client care and industry knowledge and will help you design the best policy for your needs and situation. Call (334) 222-1460 to request a quote, or visit the website to view directions and office hours.