Life insurance should be a part of your overall financial plan, but how much do you need and what policy is right for you? We can help.
The primary purpose of life insurance is to provide capital to your dependents after you die. The money is an important financial resource. It can help cover funeral costs, pay the mortgage, provide funds to run the household and ensure that your dependents aren’t burdened with debt.
Lockhart’s Insurance Services insurance providers’ line of competitive life insurance products can provide financial security for you and your family. Our agency can help you with every step of the way.
Types of Life Insurance
There are two basic types of life insurance: temporary and permanent.
- Temporary needs include home mortgages, short-term debt reduction, family income and educational expense that can last from as little as one year to 30 years. Term insurance provides affordable coverage for a specific number of years. It is the most cost effective way to cover costs for loved ones left behind. There are a variety of plans ranging from an annual renewable term (1-year plan) to a level term plan that could last 10, 15, 20 or 30 years.
- Permanent needs include those that last for your entire life, or potentially for periods of 15 years or more. Unlike term, permanent life insurance builds a cash value that increases the longer the policy is in force. Permanent needs may include final expenses and funds to cover estate taxes and retirement savings protection. Whole life and universal life plans are ideally suited for meeting these goals. With a permanent life insurance policy with Lockhart’s Insurance Services’ insurance providers, you’ll have guaranteed protection your entire life.
The proper coverage can make all the difference when it comes to the loved ones you leave behind. We will help you every step of the way.
Contact us today to discuss the life insurance program that best fits your needs.