Life Insurance In Georgia
Life as we know it is full of surprises, both pleasant and unpleasant. That's why we take all the necessary steps to safeguard what matters to us most. One of the biggest steps you can take in Georgia to protect your loved ones financially and psychologically is buying life insurance. Expert insurance advisors at Bethlehem Insurance Agency recommend buying life insurance when you're young to lock in low premium rates.
What is Life Insurance?
Life insurance is an agreement between you and your insurance company that promises to pay your beneficiary a death benefit when you die in exchange for premium payments. You will be required to provide truthful information about yourself, especially your age, location, and health status. You will also be required to choose a beneficiary who will claim the death benefit once you're no more.
Types of Life Insurance
Life insurance comes in two major types:Term Life Insurance:
Term life insurance is the most common type of life insurance in Georgia. Many people find it cheaper and flexible as the duration can vary from one policy to another. You can decide whether to choose 5, 10, or 30 years as your duration and pay premiums during this period.Whole/Permanent Life Insurance:
Whole life insurance lasts until the policyholder dies. The policy is further divided into three parts: Universal life, variable universal life, and traditional life insurance. Once bought, the policy stays the same for the duration the insured is alive.
Why Is Life Insurance Necessary?
Life insurance is quite different from most policies as it is all about providing for those who matter to you even when you are gone. There is no limit to how helpful life insurance can get--paying medical bills, legal fees, school fees, mortgage, student loans, and other personal loans. In simple terms, there are some eventualities that you must be prepared for, and that is looking at life insurance as income replacement.
Need more information about life insurance or not sure how to go about the purchase process? Our team of experts at Bethlehem Insurance Agency can help you secure a policy that fits your needs. Call us today!