The Facts About Nebraska Life Insurance
Finding a life insurance policy in Omaha, Bennington, Elkhorn, Cassville, or in fact in any area of Nebraska can be a truly smooth and easy process thanks to your local independent agent, the Ed Thompson Insurance Agency. One of the most significant advantages of using an independent agent over the Internet is that you'll receive three of more different life insurance policy quotes to compare.
Choosing Policy Coverage Levels
Choosing the amount of coverage that you need is probably the biggest decision you will need to make in terms of selecting your life insurance policy. The larger the policy, the more the monthly cost to you will be -- but keep in mind that having too large a policy is better than too small of a policy. Compile a list of your monthly expenses and your current monthly income. This income is the amount your family would be losing in the event of your unfortunate demise, and your family would still need to meet those monthly expenses if you were gone.
Also think of the other long term expenses that you would like for your life insurance policy to provide for: These expenses would usually include things like paying off your home mortgage, paying off debts, and paying for the remainder of your child or children's education.
Term Life Versus Permanent Life Insurance
Additionally, consider whether you would prefer a term life policy or a permanent life policy. Term life policies will be less expensive and will provide life insurance to you for a specific period -- around 30 years is typical. A term policy has constant rates for the duration of the policy and will not ever go up unexpectedly, however it will not accumulate any value over the years.
An individual permanent life policy will cost more, but this policy is somewhat like a savings account. The money that you pay each month will accumulate and over the years that policy will build value until it reaches the amount of the full policy. Upon your death, this policy's full amount will be paid to your survivors. This policy may allow you to take out a loan if needed as well, as long as you repay the policy.
Your independent agent can help guide you in making the best life insurance decision. Be sure to get comparison quotes online, as well as solid advice from your local experienced agents with Ed Thompson Insurance.