Life Insurance Information
Life Insurance in Des Moines IA & West Des Moines IA
Protect What Matters Most.
Planning for your financial future, including what may happen in the event of your death, can be complicated. Life insurance can help provide financial security for you or your loved ones by replacing lost income and covering various expenses after your death or when the policy’s term is up. If you’re looking for life insurance, Bishop White Insurance & Financial Services, Inc. is here to help. Call our team today to learn about your options.
Why Do I Need Life Insurance?
Life insurance is a contractual agreement between you (the policyholder) and the insurance company. In exchange for paying the insurer a regular premium, your beneficiaries will receive a lump-sum death benefit when you pass away or after a specific amount of time has passed. This money can be used by your beneficiaries for various reasons, including paying off existing debts (e.g., mortgage) or paying for other expenses (e.g., dependent child’s college tuition, wedding, or daily expenses).
Understanding Life Insurance
There are two primary types of life insurance, including:
Term life insurance—A term life policy provides a death benefit to your loved ones if you die during the policy’s term. This term might be a period of 10, 20, 30 or more years, depending on the expiration date of the policy. If you do not die during this time, the policy does not pay and will expire when the term ends. You will also have to reapply for a new policy if you want to continue to have coverage.
Whole life insurance—A whole life policy will last for the remainder of your life once you enroll. It will not expire unless you stop paying for it. Additionally, such a policy offers cash value investment opportunities. This cash value component can enable you to receive a source of income during your lifetime (in addition to the eventual death benefit).
Several other types of life insurance also exist, and can include the following:
Final expense insurance
Group life insurance
Individual life insurance
Key person insurance
Long-term care insurance
Mortgage protection insurance
Each type of plan has its own advantages and drawbacks, which is why it’s important to speak to a professional to understand what’s right for you.
Get Life Insurance Today!
As you put together your life insurance plan, you’ll want to create a package to help your family live comfortably—even after you are gone. Bishop White Insurance & Financial Services, Inc. offers policies for Des Moines, West Des Moines, Clive, Waukee, Ankeny, and Indianola and beyond, and we’re here to help you find the insurance solution that works for you. Contact us to learn more about life insurance or request a free quote now.