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.
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.
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.
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.
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.