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O'Fallon, MO 63366

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Whole Life vs. Term Life Insurance

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.

What You Need To Know About Life Insurance

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. 

How To Get Suitable Life Insurance

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.

The Importance of 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.

Three whole life insurance policy features to be aware of

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.

When should you buy life insurance

Life insurance is not insurance that most people know a lot about. It is rarely talked about, and if you feel overwhelmed, don’t feel like you are alone because you have lots of company. One fact not disputed is when you are young and healthy, the rate you pay for life insurance will be at its lowest. Chances are, though, that this is also when your income is also at its lowest, and life insurance may not be high on your list of things to spend on. If you live in or near O’Fallon, MO, the Senn Insurance Agency has been providing insurance solutions for their customers for ten years, and as independent agents are able to find the best rates from some of the top carriers in the business. 

Looking into life insurance should begin when you get your first full-time job. Your employer may offer it, and taking advantage is a good financial decision. This will get you off to a good start, and it will become part of your financial planning for the future. 

When you buy a home or when you get married are both occasions when you may want to buy life insurance. You will have new liabilities, and you should make sure your life insurance reflects these changes in your life. 

When you start a family, you may want to take a good look at the amount of life insurance you have and looking to the future of what you will need. Insurance can figure into your children’s college education expenses. 

When you are ready to start putting together a life insurance plan, the team at Senn Insurance Agency in O’Fallon, MO will be there for you. Give us a call or stop by our office and let us help you to look at your needs today and into the future. 

How much life insurance do I need?

Most people would not dream of going without car insurance or homeowners insurance.  These same people are often reluctant to talk about or purchase life insurance. No state requires residents to carry life insurance and yet it is one of the most important types of insurance coverage, especially if you have dependents. At Senn Insurance Agency in O’Fallon, MO, our team has years of insurance experience, and we offer coverage from a preferred network of carriers. 

When it comes to how much life insurance you need, the easiest way to answer that question is "it depends." Life insurance is something that should be tailored to the individual needs of the client. It is not one size fits all. A young unmarried woman will not need the same amount of coverage as a married couple with children. 

The rule of thumb is that you need to have about ten years of income in life insurance. This takes into account that you may have dependents, a mortgage, credit card debt, and other things that need to be paid should you pass away. You want your dependents to be able to maintain their lifestyle even if you are not there. You also need to take into account the age of your dependents. If you have young children, then ten years may not be enough. If you want to provide for their college education, that is another thing to consider. 

In the case of persons without dependents, you only need enough life insurance to take care of any debt that you have and your final expenses. As you can see, life insurance is something that you need to sit down and discuss with a knowledgeable insurance agent. At Senn Insurance Agency in O’Fallon, MO, we have the information you need to make an educated decision about how much life insurance you need. Stop by our office or give us a call to make an appointment to discuss your needs. 

 

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.