A death can be financially challenging for many families. If you want to give your loved ones some financial security after you die, you may want the financial protection that a life insurance policy can offer.

Life insurance is a type of insurance policy that pays out a designated sum of money to the loved ones you’ve named on your policy—at the end of your policy’s term or after your death. These people, known as your beneficiaries, can then use this money as they want or as you’ve designated. Chicester Insurance Agency can help you explore the types of life insurance and what policy may best suit your financial needs.

What Are the Types of Life Insurance?

There are numerous other types of life insurance, but term life insurance and whole life insurance are the two most common types. We can help you explore which life insurance might be most beneficial.

·        Term life insurance leaves a death benefit to your beneficiaries if you die during your policy’s term—perhaps 10, 20, 30 or more years, depending on your policy. If you don’t die during this period, your policy won’t pay, and you need to reapply for a new policy to continue coverage. 

·        Whole life insurance continues for the rest of your life once you’ve enrolled; your policy won’t expire unless you stop paying the premium. Whole life offers a cash value investment opportunity, which can give you a revenue source while you’re alive in addition to the death benefit. 

How Many Life Insurance Policies Can I Have?

There isn’t a law on how many life insurance policies you can have. However, insurers may review your existing coverage to ensure you aren’t exceeding your insurability limit—usually 20-30 times your annual income. Life insurance is intended to replace your earning ability, not to increase your beneficiaries’ wealth significantly.

It’s a good idea to start with one life insurance policy, and if you want more coverage later, we can help you find suitable insurance.

How Much Does Life Insurance Do I Need?

The amount of life insurance coverage a person needs varies. Having a policy can enable you to give your loved ones a financial safeguard. This money can be used for anything—from funeral and mortgage payments to everyday bills and expenses. We can work with you to determine your financial needs and obtain appropriate life insurance coverage.

How Does Life Insurance Work?

To obtain life insurance, you should first meet with us. We can help you determine your coverage needs. We sometimes use a third-party administrator to conduct a physical exam on you since a policy premium is based on your risk and health. After your exam, we can discuss your rates and choose suitable coverage.

Ensure Your Financial Future

Call Chichester Insurance Agency at 803-786-2224 to explore your life insurance options and to choose a policy fitting for your needs.