One of the most undeniable facts of life is that the unexpected may occur at any given moment. While you’re enjoying every beautiful facet of life, it’s natural to consider the “what-ifs” in life, and think about your loved ones accordingly. It is priceless peace of mind to know that those you care about most will be financially stable if the unexpected occurs – and the way to ensure this occurs is to invest in life insurance. It’s an act of love to provide a financial safety net so that your family can cover daily expenses and continue to pursue a full, healthy life. Yet the reality remains: there are so many options for life insurance available – how do you know what to choose? The life insurance experts in Jackson, Mississippi from The Overstreet Agency are here to share the essentials about life insurance policies so that you can make a fully informed decision! 

Term Life Insurance Near Me

This is a type of life insurance that covers a specific period, usually 10, 20, or 30 years. You will make monthly payments toward the policy for the term of the life insurance plan. If you pass away during the term of the policy, your family will receive a death benefit (payout). However, if you’ve set the life insurance policy a specific number of years and are still living when it expires, you will need to renew it. Typically, a renewal will come at a higher premium than before. If you’re looking for an affordable life insurance policy near you, term life insurance is usually your best bet, since it is a fabulous life insurance option for families on a budget. Term life insurance is also excellent for younger families who need to have coverage for a mortgage, school loans, or other expenses that have a defined timeline.

Permanent Life Insurance Jackson, MS

Permanent life insurance, on the other hand, is as it sounds. It provides coverage for your entire life span. As long as you pay your monthly premiums, when you pass away, your family will receive a death benefit. An advantage to permanent life insurance is that many of the policies allow you to add tax-deferred cash savings regularly. This means you can borrow against or withdraw from the cash you’ve accumulated in your life insurance policy while you’re living. This can prove incredibly helpful for emergencies or as a way to supplement income during retirement. While permanent life insurance is more costly than term life insurance, a permanent life insurance policy provides for your family, covering their future financial needs when you are no longer with them. A permanent life insurance policy is helpful for smart estate planning, those with a high net worth, and if you want lifelong coverage.

Customizing Your Life Insurance

There are also several methods of customizing a life insurance plan that you need to consider when selecting a life insurance option. A Waiver of Premium rider is an addition that you can incorporate into your life insurance policy which covers the cost of your premiums and keeps your life insurance policy active if for some reason you become disabled and can no longer work. Another addition is an Accelerated Death Benefit rider which enables you to access some of the death benefit on your policy if you are diagnosed with a terminal illness. If you’d like your children to have a small term life insurance coverage under your policy, you can add a Child Term rider. These are just a few of the ways you can customize a life insurance policy for your family’s exact needs.

Best Life Insurance Agency Jackson, MS

The Overstreet Agency is here for you! After decades in the industry, we have the expertise and experience to help guide you to the right life insurance policy for your family. Every day, we work with families just like yours, helping you examine your family’s finances, lifestyle, and needs. Overstreet listens, and after exploring all the best options together, we’ll provide a robust life insurance plan that perfectly suits your needs. For reliable, compassionate support in choosing the best life insurance for you and your family, reach out to The Overstreet Agency today. We’re here to provide invaluable peace of mind and the safety net that will always protect your family!