Whole life insurance provides lifelong protection and accumulates cash value over time. It generally provides a guaranteed premium, death benefit, and cash value component that collects tax-deferred with potential dividends. On the other hand, term life insurance is often the most affordable way for individuals to get high levels of coverage for a specific period (typically 10, 20, or 30 years). Since we get asked a lot, here are a few more differences from the Senn Insurance Agency.

The primary difference between whole life insurance and term life insurance lies in their duration. At the same time, you can have a whole life policy in force your entire lifetime—so long as you continue to make payments—term policies are much shorter in duration. The primary purpose of term life insurance is financial protection. Therefore, if you die during your policy term, the insurance company pays a death benefit to your beneficiaries. After the term expires, coverage ends, and there is no death benefit payable.

Whole life policies are more expensive than term life policies because they offer more features, such as investment options for cash value accumulation and guaranteed renewability for life—meaning you can’t be denied a renewal even if your health has changed. 

On the other hand, term life insurance can be a great choice if you only need coverage for a specific period. The premiums are much lower compared to whole life because it does not have the cash value component or guaranteed renewability feature. Moreover, term life insurance is often seen as a way for individuals who don’t want or can’t afford the higher premium costs associated with whole life policies to get coverage that will provide financial security for their families.

For more information, give us at Senn Insurance Agency a call today. We serve the O’Fallon, MO area.

Residents in O’Fallon, MO and the surrounding area can rely on the team at Senn Insurance Agency for all of their insurance needs. We can help you determine if life insurance is something that can help your financial future. Contact our office today to learn more about life insurance’s many benefits. 

Single people can benefit from life insurance.

When people think of life insurance, they often think of it as a vehicle for young families to protect their children should a catastrophe occur. While this is an essential function that life insurance can serve, it is not the only one. Single people who don’t want to leave their loved ones with any financial burdens at the time of their deaths can also benefit from carrying a life insurance policy.

Even when the estate has plenty of resources to cover burial and end-of-life expenses, those funds aren’t typically accessible immediately following a death. With probate and estate settlement issues, it can take some time for funds to be disbursed according to a person’s will. This means that, in many cases, it comes down to relatives or loved ones to cover the cost of a funeral and other immediate expenses that occur at the time of a person’s death. 

Many single people opt to carry a term life policy to avoid leaving loved ones with a financial burden. This type of life insurance policy is an effective way to cover end-of-life expenses. 

Call or stop by today!

Senn Insurance Agency is here to serve the insurance needs of residents in O’Fallon, MO, and the surrounding area. If you have questions about life insurance, give us a call or come by our office today. 

When you purchase a life insurance policy, you must name a beneficiary. The policyholder’s beneficiary will receive the death benefit payment if you die while the insurance is in force. Choosing a beneficiary may seem simple, but it’s essential to take some time to weigh your options.

Who Can Be a Beneficiary?

You can name just about anyone as your life insurance beneficiary. This can include your spouse, child, parents, siblings, or other relatives. You can also name a non-family member, such as a close friend or business partner. You must update your beneficiaries to reflect your marital status if divorced.

What Happens if I Don’t Name a Beneficiary?

The death benefit is paid to your estate if you do not designate a beneficiary. This can complicate things for your loved ones, as they must go through probate to receive the money. Probate is a lengthy and expensive legal process, so it’s best to avoid it if possible.

Your Senn Insurance Agency agent can explain how to name beneficiaries and the best way to structure your life insurance policy.

What Are The Different Beneficiary Types?

Three common types of beneficiaries are primary, contingent, and tertiary. The primary beneficiary is the first person (or people) who will receive the death benefit. The money will go to the contingent beneficiary if they die before you do.

The contingent beneficiary is the second person (or people) in line to receive the death benefit. The money will go to the tertiary beneficiary if they die before you do. The tertiary beneficiary is the third person (or people) in line to receive the death benefit.

Contact Senn Insurance Agency to help you choose the best life insurance policy for your needs in O’Fallon, MO. Our agents can help you understand the different beneficiaries and how to name them on your policy. We’re here to help you every step of the way.

Do you have questions about life insurance? The team at Senn Insurance Agency can help you explore your insurance options and determine which type of policy may be right for you and your family. We are proud to serve the insurance needs of the greater O’Fallon, MO community!

Different types of life insurance

There are four main types of life insurance that we would like to review today. If you would like to learn more, a local agent can answer all of your questions and help you find the right policy for your needs.

1. Term Life – This is an excellent option for single people or those on a budget. It is essential to consider that the policies are for a defined period and expire after that term.
2. Whole Life – One of the most popular types of permanent life insurance, a whole life policy has many benefits. You can set up such policies so that your premium will not vary throughout the policy’s life. It also builds a cash value, and your death benefit cannot change.  
3. Variable Life – If you would like to utilize your life policy as a financial tool, several variable policies are tied to investment accounts. These policies carry a more significant amount of risk than a whole life policy.
4. Universal Life – This is a less expensive policy type as no cash value builds over time. And your death benefit will not change.

Give us a call today!

Senn Insurance Agency is proud to work with the O’Fallon, MO area residents. If you have questions about life or any other type of insurance, give us a call or stop by our office today!

Most people don’t give much thought to purchasing a life insurance policy until they are older. However, young adults in O’Fallon, MO should consider investing in a policy while they are still young. This is true regardless of their individual situation. Here are several reasons why young adults (in their 20s) should get life insurance now from an insurer like Senn Insurance Agency.

Life Insurance Is Normally More Affordable

Individuals tend to be quoted the best life insurance rates the younger and healthier they are. In the event that you wind up developing a severe or chronic illness or condition before you’re able to secure a life insurance policy, the chances are good that you will pay more for the policy. Signing up for a policy while you’re young and ultimately in good health will allow you to lock in a lower premium.

Life Insurance Helps to Replace Lost Income

Whether you live with a spouse, share an apartment with a friend, or have children, there is probably someone who relies on you financially in one way or another. If something were to happen to you, they would be left without your income to pay the necessary bills and other regular costs. A life insurance policy can cover various expenses until they are able to adjust to their new lifestyle.

Life Insurance Protects Your Family Members

Whether you have children now or plan to have them in the foreseeable future, life insurance can aid in related expenses like medical care, college tuition, the like. It can even help your spouse set up their future retirement. Even in the event that you believe these life events are decades away, it is best to plan for them as early as possible for your peace of mind, their peace of mind, and in case the unthinkable occurs.

If you need help figuring out which type of life insurance policy is best for your individual situation, contact the professionals at Senn Insurance Agency, serving O’Fallon, MO.

Life insurance can be difficult to decipher. There are a lot of new terms to learn, especially if this is your first policy. Senn Insurance Agency, which serves O’Fallon, MO, understands that you need to know which policy is best before you make a decision about insurance. Comparing whole life and term life insurance can help you make the best decision for your family.

Term Life Insurance Benefits

Term life insurance provides coverage over a set period of time. You determine the amount of time when you create the policy, which could last 10 to 30 years. If you pass away in this period, your loved ones can receive a payout. If you expect your insurance needs to change after a set period of time, this could be a fantastic option for your family. For example, you may determine you do not need a policy when your children are adults.

Whole Life Insurance Benefits

Whole life insurance provides coverage for the rest of your life. As long as you pay the premium for your policy, you will continue to be covered. When you pay a specific amount of money into your policy, your policy may accumulate a specific cash value that can grow with time. You may even be able to borrow money against your policy, and you can expect the premium to remain the same for as long as you keep it.

Get Help From an Insurance Professional

Are you in O’Fallon, MO and want to speak with an insurance professional? Senn Insurance Agency can help you choose between term life and whole life insurance. Call an agent today to discuss your options.

There are many types of important investments you will make during your life. Life insurance will most definitely be one of them. If you find all of the life insurance options and information to be overwhelming, we can help. At Senn Insurance Agency, serving O’Fallon, MO we can answer your life insurance questions so that you feel confident in your investment. 

Is Life Insurance Necessary?

There are some insurance products that are required by law for individuals to maintain. Auto insurance is one such product. Life insurance, however, is not like that. There is no legal requirement that you carry life insurance on yourself or your family members. However, it is highly recommended that families invest in this important type of coverage. 

When death strikes a family, there are, unfortunately, final costs that must be considered. Having a life insurance policy already in place will ensure that your family does not have added financial stress on top of their grief. 

How Much Life Insurance Should I Purchase?

There is no one-size-fits-all when it comes to life insurance. Every family will be different and each member of the family is different. You will not need the same amount of coverage for children as you would for a parent or spouse who provides income for the family. The standard of living is also different from family to family. This detail will greatly influence how much life insurance you should purchase. 

The best way to determine the amount of coverage you need is to sit down with an insurance representative. They will be able to evaluate your family dynamics and financial situation in order to help you decide on the amount of life insurance to purchase. 

If you would like to learn more about our services, please contact us at Senn Insurance Agency, serving O’Fallon, MO. 

Getting life insurance calls for a thorough check of multiple spheres of your life, an aspect that can get tricky for numerous policy seekers. In addition to this, you may occasionally have to encounter insurance jargon that can cause some dilemma. But even with this, the road to life insurance in O’Fallon, MO does not have to be an uphill task.  For starters, consider using this guideline By Senn Insurance Agency to help you narrow down your options.

Learn About the Various Life Policies

Life insurance often comes with two options, mainly term life and permanent coverage. Term life insurance provides coverage for a specific duration, with its use often helping dependants offset costs related to tuition and mortgage fees. On the other hand, Permanent life insurance lasts for the entirety of your life and comes in handy in providing financial security for your family after you are gone. These differences are crucial in determining the befitting option for your family’s long-term, so consider getting proper information about each.

Consider How Much Insurance You Need

Whichever life insurance you settle for, make it a point to consider how much coverage you need. Look into factors such as your expenses, your income, and the future needs of your dependants. If you have children, consider college expenses and childcare expenses that they may need afterward. By getting an estimate of your family’s needs, you can customize your family’s coverage options.

Determine How Much You Can Afford

While getting a substantial payout will come in handy for your family, getting life insurance is also about how much you can afford. Before signing up for options that may cost you more than your annual income, consider checking into affordable limits in line with your current financial status. Life insurance often allows policy seekers to scale up their options as time goes by, allowing you to review your options when you can afford increased coverage.

To keep your family secure from any of life’s uncertainties, reach out to Senn Insurance Agency today. Our O’Fallon, MO agents will look into your needs to get you tailor-made life insurance.

Life is full of twists and turns. While some of those surprises can be exciting, they can also be devastating. None of us know when our time will come to leave this earth, but we want to know that our loved ones are taken care of properly when it does. The best way to protect your loved ones financially after you die is through a life insurance policy. The agents at the Senn Insurance Agency in O’Fallon, MO know and understand how important it is to have a life insurance policy in place.

Reasons to Obtain Life Insurance

You may have a life insurance policy through your employer, but usually, the amount it pays out is only enough for your funeral and burial. If you are laid off or lose your job, you will lose your life insurance policy. This is one of the many reasons why it’s important to obtain a policy on your own that is separate from your employer.

When you die, your family will be grieving the loss, and through the proper life insurance policy, they will not have the added stress and worry about finances. A life insurance policy will enable any children you leave behind to have the opportunity to attend college or start a business and get their life off to a great start. You can even have a life insurance policy in place that pays off your mortgage so that your spouse and children have a home to live in after you die, especially if you are the breadwinner.

There are two different major types of life insurance policies that you can obtain, and those include a term life insurance policy or a whole life policy. Your trusted insurance agent can explain these in detail to you so that you can make the determination as to which one works best for you and your situation. Call the life insurance agents at the Senn Insurance Agency in O’Fallon, MO today to get your policy started.

If you are on the market for a life insurance policy, you should definitely explore whole life insurance policies. Whole life insurance policies are one of the major types of life insurance available.

At Senn Insurance Agency, we offer a variety of different life insurance policy options. The following are three whole life insurance policy features to be aware of when you’re on the market for life insurance in O’Fallon, MO. 

Whole life insurance is a permanent type of life insurance coverage.

You should choose whole life insurance if you’re looking for a permanent life insurance option. Unlike term life insurance policies, whole life insurance policies last indefinitely. They offer both a death benefit and a long-term savings option. 

Whole life insurance accumulates a cash value. 

If you purchase a term life insurance policy, you will get nothing back for your premiums if you outlive the policy.

However, you will get money back for the premiums you pay if you choose whole life insurance. That’s because a whole life insurance policy will accumulate cash value as time goes on. 

Whole life insurance offers the opportunity for borrowing.

One great feature of a whole life insurance policy that you should be aware of is the opportunity for borrowing. 

After your whole life insurance policy has accumulated cash value, you can borrow against that cash value. This makes a whole life insurance policy a great way to save and also keep cash readily available to you if you should need it. 

Protect the financial future of your family with our help at Senn Insurance Agency. We can help O’Fallon, MO families to find the right life insurance option for their needs.