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life insuranceThe turbulent events of 2020 caused many of us to re-evaluate our lives.  In fact, life insurance has been on many people’s minds.

However, thinking about this investment for yourself and your family raises many questions.

As your local, independent insurance agency for more than 50 years, the Keating Agency is here to help you answer those questions and more.

Life Insurance Protects Your Family

Our friends at the Insurance Information Institute (III) say there are two main types of life insurance: term and whole.  Most policies are some form of these two.

With a term policy, coverage lasts for a specific amount of time.  This is usually between one and 30 years.  The policy pays a set amount if the policyholder dies during the term.

Of course, if the policyholder outlives the term, the policy expires with no payout.

A whole life policy, on the other hand, never expires.  In order the make the policy affordable for both the insurance company and the policyholder, the payout must be lower during the early years and increase over time.  Often, these policies are tied to investments.

life insuranceSo, how do you determine the type of policy that is right for you?

CNN reports that people buying life insurance usually have at least one of four reasons for wanting a policy. These include:

  • Income replacement
  • Paying outstanding debts
  • Covering funeral costs
  • Rates and eligibility

The kind of insurance you need depends on your life situation.  Some of the things to consider are your age, your family status, and your debts.

While many young people skip life insurance, the Detroit News reports that people under 45 filed almost twice as many insurance applications as people over that age during the last year.  The popularity of policies for younger people may be because of easier application processes that do not require blood tests and the lower costs for young policy buyers.

Of course, your reasons for considering a policy are personal.  The Keating Agency understands this and knows the right questions to ask.

As an independent agency, we work with more than two dozen companies. This allows us to craft a policy specific to your needs, including price.

Whatever your questions or concerns, the Keating Agency has more than 50 years of experience.  Let us put that knowledge and quality of service to work for you.  Give us a call.

Request a quote!

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