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O'Fallon, MO 63366

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Senn Insurance Agency Blog

Should You Have More Than One Life Insurance Policy?

Shopping for life insurance can be confusing, and you may have several questions. A common question that many people have is whether it is beneficial or necessary to have more than one life insurance policy in place? The best way to find out what the options are for your situation, and what steps you should take, would be with the assistance of a licensed life insurance agent.

Working with Life Insurance Agents

A life insurance agent is highly skilled in helping others find the life insurance protection they need to cover their loved ones or business partners if there is a covered death. In some cases, individuals can opt to have more than one life insurance policy in place. Sometimes they may want to select more than one type of coverage, which can create a more secure layer of protection. To get answers to questions about this type of coverage, work with an agent who knows how to help customers decide what steps to take to match their needs. You can count on Senn Insurance Agency, located in O’Fallon, MO, to give you the support you need to make the right decision. 

Obtaining Life Insurance

Once you have determined what your needs might be, or the needs of loved ones, you can begin exploring policy options with the assistance of a licensed life insurance agent. They will help you sift through the options and find out which policies and providers offer the most beneficial plans. They can also help you outline specific needs, so there aren’t gaps in coverage. 

If you are currently looking for life insurance, consult with Senn Insurance Agency, serving St. Peters and O’Fallon, MO, and get the answers you need to make an informed choice. Call or stop by today for more details. 

What Is Universal Life Coverage?

Universal life coverage is a specific type of insurance that will give out a certain amount upon death. This may sound like general permanent life insurance, but there are a few differences. Senn Insurance Agency wants the people of O’Fallon, MO to understand the benefits of this coverage before deciding whether it’s for them. 

The Savings Component 

Like permanent insurance, there is some degree of savings with universal life coverage. The funds that fall under savings are invested under a fixed interest, which can help the insured predict precisely what will happen month after month. People who opt for this plan typically do so because it’s one of the more flexible types of life insurance. If any drastic changes occur, it’s often easier to alter the terms of a universal plan than a permanent plan. For example, if a person wants to switch funds between the life insurance and the savings portion, it’s a relatively simple process. 

Understanding Universal 

The insured is allowed to make changes to their policy, but they do need to be aware that this can ultimately change the death benefits. These changes may even affect the cost of the premium as well. Otherwise, this plan comes with more than a few perks for its holders. For one, people have some certainty in knowing that everyone will be financially protected (regardless of external events). Even if the benefits change, there’s no mystery behind the final number. Also, all money earned within the policy is tax-deferred. The same interest rate can be applied to the ever-accumulating cash value without being interrupted by taxes. 

If you want to learn more about the benefits of universal life coverage, call Senn Insurance Agency in O’Fallon, MO today. We’re here to explain the critical types of coverages so you can understand your options.