Reasons to Consider Buying a Life Insurance Policy in Cape Coral

by | Jul 12, 2019 | Insurance Agents

A Term Life Insurance Policy in Cape Coral always is worth the same amount throughout its term. In contrast, whole life insurance accumulates more cash value as it grows over time. Essentially, whole life functions as an investment, which means that the premiums are higher. People considering buying life insurance may want to consult with an independent agent to learn the pros and cons of both types of policies.

Whole life insurance premiums are higher but predictable, as they typically do not ever increase once a policy is purchased. Term life functions more like automotive insurance, although it has a specific payout upon the policyholder’s death. The policy has a limited term and is renewed at the end of each term. Thus, rates can go up. The policy purchasing process can be started by obtaining General Insurance Quotes from an independent agent.

Funeral Expenses and Family Care

Financial experts encourage men and women to think about life insurance fairly early, especially if they don’t have enough in savings to cover funeral expenses. Married couples should discuss buying a Life Insurance Policy in Cape Coral without delaying too long. This is particularly important once they have children. In case of an untimely death, the family will be cared for financially by the insurance.

Charitable Causes

Some men and women buy life insurance policies not to pay for funeral expenses or to care for a family, but to leave money to a charitable cause. The policy might be used to establish a scholarship at a university, buy land for a conservancy, or fund an animal welfare organization. Whole life policies are very useful for this since they build in value over the years.

However, a policy through a company like Lee County Insurance Agency does not have to pay out a huge amount for it to be worthwhile to a charitable organization. Someone can have a policy that pays out $1,000 in a death benefit, for instance, and the charity will be very grateful for this donation. A sum of $1,000 can be used to start a college scholarship fund that is added to by further donations and investment income.