Batavia, Ohio

Your Guide to Life Insurance April 23, 2018

Batavia, Clermont
Your Guide to Life Insurance, Batavia, Ohio

While most people purchase health, auto, and home coverage, many individuals are not sure if they really need a life insurance policy. This type will take care of your family after your passing, so it’s crucial for everyone, says Kramer-Myers & Werring-Dickerson Insurance in Batavia, OH. Here, they explain what you need to know.

What Are the Different Types?

The two types of life insurance policies are term and whole life. The former is much like it sounds: You pay a fixed premium for a set term with a fixed benefit. For example, you might take out a 30-year policy with an annual premium of $289 and a benefit of $300,000. This type is ideal for those who only want coverage while they have dependents who rely on their income for their well-being. 

life insuranceHowever, some people want a policy that will cover them until they pass away. Whole-life coverage meets this need. These tend to be more expensive, but they have various benefits depending on the type you purchase. Some policies, for instance, act as a dual savings account and life insurance policy.

Why Do You Need One?

As a general rule of thumb, if you have dependents who rely on your income for their well-being, it is wise to obtain a life insurance policy. It will help your family meet their financial obligations after you pass away and is particularly crucial if you are the sole breadwinner. They can use it to pay the mortgage or cover college tuition fees, for example.

How Much Should You Buy?

While this is a topic you should explore with a professional agent, it’s best to sit down and calculate how much your family would need to live on. Factor in your annual salary, how long you would want them to be covered by the policy, existing debts, and other aspects.

If you are interested in obtaining a life insurance policy, turn to Kramer-Myers & Werring-Dickerson Insurance. They focus on meeting each customer’s specific needs and have been offering top-quality products since 1960. Call them today at (513) 732-1462 or visit their website for more information. 

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