You Can’t Put a Price on the Value of Your Family’s Livelihood
Family protection is one of the most important needs for life insurance coverage. If your family should suddenly be affected by a fatal accident, What is the Value of Life Insurance? Do you have life insurance to protect your family? Most importantly, the beneficiaries named in your St Louis City Missouri Life Insurance policy receives the benefits of the policy.
MJM Insurance of St Louis City has a group of experienced, licensed, life Insurance agents to help you through the process of buying life insurance and can explain your options to help you make the best informed decision for the life insurance product that best meets your needs and protect your family.
What is the Value of Life Insurance?
- Provide lost income for dependents. If you are the primary income producer in your household, life insurance can help ease the burden on your family if you die and they lose your income. Imagine the loss of a family member who brings in $50,000 a year – and that income pays the mortgage, car payment, insurance, and living expenses. You have two kids to support – so what would you do if you lost $50,000 a year?
- Pay final expenses. Funeral and burial costs can be expensive and may be financially detrimental to your family members. Life insurance can pay for funeral, burial costs, probate and other estate administration costs that are not covered by health insurance.
- Establish an inheritance for your heirs. Even if you have no other assets to pass to your heirs, you can create an inheritance by buying a life insurance policy and naming them as beneficiaries.
- Make charitable contributions. You can make your favorite charity the beneficiary of your life insurance. Leave a legacy by donating the cash equivalent of the policy’s premium.
- Create a source of savings. Some types of life insurance create a cash value that can be borrowed or withdrawn on the owner’s request. So buying a cash-value type policy can create a savings plan with tax deferred interest credit (and tax exempt if the money is paid as a death claim).
Why Do You Need St Louis City Missouri Life Insurance?
There are several types of Life Insurance policies; our agents can help you identify what best fits your situation. The coverage that’s right for you depends on your unique circumstances and financial goals. The most popular types of life insurance include term life and permanent coverage. Consider these 4 scenarios – if any of them apply to you, you should have life insurance.
- If you have kids, you should have it.
- If you support your spouse, you should have it.
- If you own your own home and have a mortgage, you should have it.
- If you have personal or business loans, you should have it.
St Louis City Missouri Life Insurance – What is a Term Policy?
A term life insurance policy is designed to meet provisional needs, is simple to understand, and the cost of the policy can be affordable. A term life insurance policy is good for a specific period of time and if you die during that term, your beneficiaries get a payout. Some of our clients with children chose a term policy specifically for coverage until their children graduate from college.
St Louis City Missouri Life Insurance – What is Permanent Coverage?
Permanent life insurance (Universal or Whole Life) provides lifelong protection and never expires. As long as you pay the premiums, the full face amount (current value) will be paid. Because a permanent life insurance policy is a long-term investment, the policy accumulates cash value.
Permanent life insurance policies have an investment element, meaning that some of the money can be invested in the stock market or taken out as a cash loan, so you still have the option to access the money while you’re still alive. Permanent insurance is an asset that your family can fall back on if something happens to you.
MJM Insurance® of St Louis City will actively listen to you and provide helpful answers, presented in a way in which our policy holders clearly understand. Call us today with any questions you may have, it is our pledge to provide outstanding customer service.