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Many employers offer life insurance as part of an employee benefits package. A general rule of thumb is that life insurance should provide a benefit of roughly 8 to 10 times the breadwinner’s yearly income. Policies offered by employers often provide a benefit of only one year of income. Without additional coverage to supplement these plans, your family can be left unprotected financially.
Life insurance is valuable at any stage in life, but you should review your life insurance options as early as possible as your premium rates will begin to increase with age. You can purchase life insurance with confidence at a young age knowing that your policy and benefits are protected. The Nevada Life & Health Insurance Guaranty Association was established in 1973 to protect policy holders in the event a life insurer were to become insolvent during a policy holder’s lifetime.
There are a few options available when shopping for a life insurance policy. Life insurance is offered as either Term Life Insurance or Permanent Life Insurance. There are also variations that fall within these two general policy types.
- Term Life Insurance – Provides coverage for a set period, generally from 5-30 years. Term Life Insurance is one of the more affordable types of life insurance.
- Permanent or Whole Life Insurance – Provides coverage for a lifetime and often includes an investment component. This added investment component makes Permanent Life Insurance the more expensive option of the two.
You will also notice other options available that include Universal Life, Variable Life, and Variable Universal Life insurance policies. These are variations of Permanent Life Insurance and are designed to offer more flexibility than what is offered in a standard policy. The team of life insurance experts at Insurance 4 Less LLC can explain what each of these options offers and help you select the type of policy that best meets your needs.
Be sure to think about any future expenses your loved ones may incur when reviewing your insurance options. You will want to consider things like medical expenses, burial costs, estate taxes, monthly bills, mortgages, college tuition, and retirement costs. After every major life event such as the birth of a child, marriage, or the purchase of a new home, you should reevaluate any life insurance investments you have made to ensure your coverage is still adequate.
At Insurance 4 Less LLC, our dedicated staff is committed to helping you care for your loved ones through a qualify life insurance plan from a trusted provided. Contact us today with any questions you may have about your insurance options in Paradise, Henderson, and Spring Valley.