Why Purchase Life Insurance?
One of the major reasons to buy life insurance is the financial protection it brings. When you are single and just starting out your responsibilities are fewer, but as you age and your family grows, life insurance becomes a main priority. The proceeds which come from a life insurance policy can help in replacing lost income upon your death. Life insurance also helps to pay for final and estate costs as well as providing you with the ability to pay off past debts or leave money to charity.
Selecting Term or Cash Value
When selecting your life insurance policy in Milford or New Haven, CT, you will need to choose between a term or cash value policy. Term coverage is available for a specified period of time, while cash value (permanent) life insurance combines a cash value with the death benefit. If you are purchasing life insurance for financial protection, term insurance may prove to be the most affordable option, especially if your need is temporary (for instance until your children leave home). Cash value insurance provides you with lifetime protection. There are certain policies termed “convertible” which will allow you to change the term policy for a more permanent one in the future.
Deciding How Much Coverage You Need
The amount of life insurance you purchase is contingent upon how many survivors will be dependent upon the income you were providing. It also depends on the amount of other life insurance available to you and the amount you owe and own. A life insurance needs calculator is one of the simplest methods of determining how much life insurance you should buy.
Paying For Coverage
When shopping for coverage in Milford, New Haven, CT, or the surrounding areas, paying for coverage will be a consideration. The amount you will pay depends on varying factors such as your age, tobacco usage, health condition, family health history, and the type of insurance you are buying. When purchasing term coverage, keep in mind that the initial premiums will increase later. Although the majority of life insurance policies can be renewed at the close of the term, you will end up paying a higher premium for the same coverage.
Harrigan Insurance proudly offers life insurance options in Milford, New Haven, CT, and the surrounding areas. Fill out the form below so you can see just how reasonable your coverage can be.
Get an Online Life Insurance Quote
Harrigan Insurance & Financial Services Inc. 1201 Boston Post Road
Milford, CT 06460
(Post Mall, Lower Level)
Monday-Thursday 9:30 a.m.-8 p.m.
Friday 9:30 a.m.-6 p.m.
Saturday 9:30 a.m.-4:30 p.m.