Life Insurance in Glenn Allen and Chesterfield, VA
If you pass away unexpectedly, your loved ones could be left with costly expenses (e.g., funeral costs, estate administration fees). Life insurance can provide financial security for your family by helping to pay for expenses associated with your death.
For over 25 years we’ve been helping our clients get the protection they need. Contact Mequell Green Insurance Agency in Glen Allen, Virginia, to learn more about our life insurance coverage solutions.
What Is Life Insurance?
A life insurance policy is a legally binding contract between you and your insurance company in which they agree to provide a death benefit to your beneficiaries if you die while your policy is active. Many life insurance policies will also enable you to create an inheritance for your chosen beneficiaries.
What Does Life Insurance Cover?
The following are common life insurance benefits:
- Estate taxes can help pay taxes stemming from the transfer of your estate.
- Final expenses can help pay for your burial, funeral and estate administration costs.
- Lost income can help financially support loved ones (e.g., children, spouse) who depend on your salary.
- Inheritance creation may enable you to create an inheritance, allowing you to pass on your assets after you die.
How Much Life Insurance Do I Need?
Although life insurance is not legally required, you may purchase it to protect your loved ones from financial hardship after you pass. There is no one-size-fits-all policy when it comes to life insurance. You may want to consider the cost to replace any services you provide, outstanding payments in your name (e.g., mortgage, loans) and any future costs for your family (e.g., college tuition).
Call Mequell Green Insurance Agency for a life insurance quote.
How Many Life Insurance Policies Can I Have?
There is no legal limit to the number of life insurance policies you can purchase. Following a major life change event (e.g., starting a new business, having a child), you might want to consider purchasing a second life insurance policy. Sometimes the type of policy you have matters more than the number of policies you own. Therefore, it may be valuable to consider which type of life insurance is right for you.
Types of Life Insurance
There are two primary types of life insurance coverage for you to consider: permanent life insurance and term life insurance.
- Permanent life insurance (e.g., universal life insurance, whole life insurance) provides coverage for your entire life. These policies usually have a level premium, which means your insurance costs remain the same even when you’re older and need more coverage. Permanent life insurance companies may allow you to accrue cash value through your policy by borrowing or withdrawing money.
- Term life insurance provides coverage for a predetermined time (e.g., 15 or 30 years). After that, your beneficiaries will no longer receive a death benefit when you pass away. A term life insurance policy is generally less expensive than permanent life insurance.
How Do I Buy Life Insurance?
Finding the right life insurance policy may seem daunting. That’s why we’re here. Contact Mequell Green Insurance Agency to speak to a life insurance agent today.