Life insurance is one of the most important investment decisions a person will make in their lifetime. Despite knowing it is extremely valuable and beneficial to own a life insurance policy, many people delay purchasing. We get it. The conversation about accepting death as an inevitable outcome of life isn’t exactly uplifting. However, delaying the conversation, and delaying the purchase, only puts a person and their loved ones at unnecessary risk. The Greg Ganyo Agency will help keep things real and in perspective. There are a lot of reasons to choose a life insurance plan sooner rather than later and there are several benefits to choose from. We want to help clients navigate the options and create a smart financial plan.
Let’s talk about two of the most common types of life insurance: term insurance and permanent insurance. This is life insurance types can help you to choose one of them.
Term Life Insurance is designed to be a cost-effective way to meet a specific and temporary need. First, it provides protection for the duration, or term, of the policy. Second, it is usually only pays out the benefit if the covered person dies during the term of the policy. This type of life insurance makes sense if you anticipate needing coverage to carry you through the next 5, 10, or 20 years. It is an excellent plan for people who desire coverage that will provide peace of mind for a set amount of time. Examples would be providing coverage for the years while dependent children are in your care or until a particular debt is paid off, such as a mortgage.
Permanent Life Insurance is one of the types of life insurance that provides lifelong protection. This type of life insurance is desirable to obtain because once the policy is in effect, it is guaranteed for life. This means you permanently do not have to worry about qualifying for coverage in the future. Permanent insurance does cost more than term insurance but has the primary benefit of accumulating cash value. It also has provides some amazing tax planning benefits just waiting to be realized.
Learn more about life insurance MN by contacting The Greg Ganyo Agency – your local independent Life Insurance agent in Minnesota!
If providing an inheritance, legacy, and financial security to your loved ones is a priority and if you ask “independent life insurance agents near me” – contact The Greg Ganyo Agency today for a no obligation consultation!
We never thought we would need to shop around for insurance after being with State Farm for so many years. Having never filed a claim of any sort with our former insurance provider, we continued to see our rates go up each year, yet we were considered, VIP. Thats when we contacted The Greg Ganyo Agency…