You make every effort to protect those closest to you. Though you cannot control the future, you can help secure a strong financial future for your family even in your absence. At Great Lakes Insurance, we offer Minnesota life insurance that helps safeguard the people who depend on you most with comprehensive benefits you can rely on for many years to come.
Life Insurance is for Them
Who in your life would be financially challenged in the event of your loss? Would it be a stay-at-home spouse who does not have another income? Would it be a partner burdened with your unpaid debts and final expenses? Perhaps instead it would be a child who no longer has your financial support to attend college. Maybe it is a business partner with a shared financial interest that would be compromised in the absence of your time, talents, or efforts.
Whatever your circumstance, having the right life insurance can provide death benefits that compensate surviving beneficiaries in place of your loss. You can choose a coverage amount that fits your needs, whether to fund a major expense, provide household income replacement, or perhaps even protect a financial interest in a business.
Life Insurance is for You
Your life insurance policy can be more than a death benefit – it can provide living benefits, too. Certain types of Minnesota life insurance policies can build cash value over time, allowing you to borrow against them or even ‘cash out’ their value when needed. Some policies include an investment feature, too, making it possible to grow the value of your policy. You may be able to use this money to help pay for unexpected expenses or even cover your premiums in a pinch.
Types of Minnesota Life Insurance Coverage
There are two types of life insurance – term and permanent. At Great Lakes Insurance, we can help you decide if one or both are right for your long-term coverage needs and financial goals.
Term Life Insurance
If you purchase term life insurance, you have coverage that lasts for a specified period of time – usually between 10 and 30 years. Because these policies eventually expire and do not accumulate cash value, they typically afford very high death benefits at low, affordable prices. Most people who choose term life insurance do so to provide beneficiaries with income replacement and funding for final expenses, debt repayment, and other costs after the death of the insured. It can also help pay for additional household expenses, such as childcare and domestic care, after the loss of a stay-at-home parent or spouse.
Permanent Life Insurance
Permanent life insurance never expires, and many policies accumulate cash value over time. There are two primary types of permanent life insurance – whole life and universal life. Both allow you to protect loved ones with financial benefits upon your death at any age. They also make it possible to lock in coverage rates for life, regardless of changes in your health over time. If you so choose, you can also cancel your policies and cash out any accumulated value.
If you purchase universal permanent life insurance, there are additional benefits. These include flexible terms that allow you to pre-pay your premiums, invest a portion of them, and use the accumulated value of your policy to cover the cost of coverage in the future. Some policies also allow you the versatility to borrow against them to help pay for unexpected expenses or financial needs, such as a child’s college tuition.
Should You Purchase Life Insurance?
Most people need life insurance. Even if you have no financial dependents, you could acquire them in the future. Purchasing life insurance now can protect you and your family later, and it could result in a much lower overall cost of coverage. In addition to protecting financial dependents, life insurance can also cover the cost of a funeral and burial – a large expense you may not wish to burden a loved one with. You can even use your policy to leave a financial legacy by donating benefits to a charitable organization or trust.
Your insurance may be used to provide tax-free benefits for:
- A spouse’s retirement
- A child’s college education
- Debt repayment or mortgage pay-off
- Domestic care services
- Final interest in a business partnership
- And more
Choose a Private Insurer
You may have the opportunity to obtain life insurance coverage through an employer’s benefit package. While this coverage is beneficial, do not assume it will provide the security your loved ones need for the future. Employer-based coverage may offer minimal benefits, and the coverage may be contingent upon your ongoing employment. With a private policy, you control your benefits and coverage regardless of layoffs, retirement, or other changes in employment and benefits availability.
Don’t Delay – Circumstantial Changes Could Affect Your Eligibility
It is important to prioritize your life insurance purchase – not put it off for the future. No one is promised tomorrow, and you never know when your loved ones might need financial support as beneficiaries. Furthermore, changes in your health or advancement of age can affect the cost of your premiums and potentially even affect your coverage eligibility altogether. If you experience an unexpected diagnosis, for example, you might not qualify for the coverage you need. You will never be younger than you are right now. Lock in your coverage and secure your family’s future for decades to come.