When should you review your life insurance?

Life insurance is a very personal decision and what is right for someone else can be all wrong for you. Life insurance needs to be personalized to fit your particular life circumstances. That changes over time and needs to be reviewed. At Allkane Insurance in Stamford, CT we take the time to get to know our customers so that we can make the right suggestions when it comes to the type of coverage that is right for them. 

Reviewing Your Life Insurance: What You Need To Know

Changing employment 

When you change your job, which most people do regularly, it can affect your benefits. Life insurance is often part of a benefits package. If this is the only life insurance you have, you could potentially be without coverage for a time. It is a good idea to have at least one life insurance policy of your own. You should have control of your life insurance, not your employer. 

Getting married 

While many marriages today are partnerships, rather than one partner being dependent on the other, it is still a good idea to have life insurance for each other. Most households count on both incomes to function at their best and doing without one could make it impossible to pay a mortgage. Change the beneficiary on any policies you had before you got married. 

Having children

When they say children change everything, they aren’t kidding. It’s time for long-term planning to make sure that you can protect them for over 20 years of their lives. Depending on what your income is and how many children you have, this can be quite a major investment. Talking to your insurance professional is vital to make sure you get it right. 

Contact Us Today

Contact Allkane Insurance in Stamford, CT, when it is time to review your life insurance. As independent agents, our team can offer you more choices and rates that suit your budget. 

Life Insurance Explained

As explained by Allkane Insurance in Stamford, CT, life insurance refers to an agreement between the policyholder and your insurance company that enables you to leave behind some cash (death benefits) for your beneficiaries when you die. The amount your leave behind supports your beneficiaries in several ways. For instance,

  • It can help them clear your debts 
  • Finance your funeral expenses
  • It can replace lost wages or
  • Sustain a family

Types of life insurance

There are different types of life insurance. They include

Term life insurance

This coverage is not only the most common type of life insurance but also the most affordable. It offers coverage for a specified duration and has fixed premiums. The policy duration can either be 10, 15, 25, or even 30. 

If you pass away within the policy duration, your beneficiaries will receive death benefits. However, if you don’t die, the contract is written off.

Whole life insurance

Also called permanent life insurance, whole life insurance differs from term life insurance because it covers your entire life as long as you pay your premiums. Besides, it has a “cash value component” that allows you to withdraw or even borrow cash against it. 

Universal life insurance

This refers to a special kind of whole life insurance that offers an “investment savings element” and features more affordable and flexible premium options. In some cases, the premiums can be scheduled fixed premiums or single lump-sum premiums. 

Who needs life insurance?

While life insurance isn’t for everyone, you need life insurance ASAP if you:

  • Own a business
  • Have dependents, such as kids, a spouse or aging parents
  • Have debts like mortgage, car loan, credit cards, or student loan
  • Want to finance your funeral costs

According to Allkane Insurance in Stamford, CT, a life insurance policy is an absolute necessity. It minimizes risks and assures you that your financial interests will be okay even when you pass on. If you would like coverage, please contact us today for a competitive quote. 

Who should get life insurance?

Those who live in the Stamford, CT area need to assess their personal insurance needs carefully. While there are many types of insurance that you will need to get, one of the most important forms of protection to get is life insurance. There are several situations in particular when you will need to get a life insurance plan when you are in this area of Connecticut.

Those that Want to Provide Financial Protection

A key reason you should get a life insurance plan is to get financial protection for those you care about. Anyone with people who rely on their income should make sure that they provide financial coverage for their future. A life insurance plan is a great way to do that as it will provide an insurance benefit if you were to pass away during the premium period. 

Those that Want an Investment Alternative

A life insurance plan can also be a great investment alternative. A whole life insurance plan provides the same life insurance benefit and a conservative investment alternative. Each month as you make payments into the plan, some of your premium payments will start to build up in an account, and it will grow with interest. Eventually, this account can be liquidated. 

As you are looking for a Stamford, CT life insurance plan, it would be a good idea to evaluate all of your needs and options carefully. The team with Allkane Insurance can give you the support and guidance you need to choose a quality policy. Allkane Insurance can do this by fully assessing your personal insurance needs and helping you build a plan accordingly. This will ensure that you continue to provide appropriate financial protection for those that you care about. 

How age affects life insurance premiums

At what age should you buy life insurance? When is it cheaper, and how does age determine your rates? Life insurance has become a super-powerful financial strategy for many homes in Stamford, CT. It is no longer surprising to see a neighbor or friend at 24 years with a life insurance policy. Allkane Insurance will help you understand how your age affects your life insurance premiums.

The lower the age, the lower the cost

Life insurance companies use different mechanisms to decide how to price a policy product. The techniques employ statistical data analytics to determine the amount of risk the company is willing to take and remain financially stable.

Since the elderly are the primary customers of life insurance, companies tend to hike the premiums in order to keep customers serviced. The older the insured, the higher the chances of writing a vast death benefit in a short time. Companies, therefore, lower the premiums for young policyholders as they are likely to live longer and take longer to claim.

The older you are, the higher the chances of developing medical conditions.

Age is closely associated with significant illnesses, which mostly lead to death. Seniors are more vulnerable to lifestyle and respiratory diseases such as stroke, asthma, diabetes, cancer, arthritis, stroke, and many more. Applying a life insurance policy past the age of 65 may not be a good idea. No matter how healthy you may seem, your insurance company will still consider that you are susceptible to age-related diseases.

Whether you are looking to buy term or whole life insurance, your age is the primary factor. Before making any commitments, you can speak to us at Allkane Insurance, and we can help you with useful advice to help you make a wise decision. Contact us or visit our Stamford, CT offices today!