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Life Insurance

Learn About Affordable Life Insurance Options

Do you have life insurance? If so, do you have enough coverage to protect your family in the event of your death? Among those with life insurance, about 1 and 5 say they do not have enough coverage. If your family relies on you for financial support, you need to have a life insurance plan. The fact is, most people purchase life insurance plans without truly understanding their options. Often times, they are solicited by a captive agent who only sells for a specific company, pushing plans that might not necessarily be in your best interest. Rather than get into the details of a captive insurance agent versus an independent insurance agent, we are going to focus on educating you about what life insurance is all about and the various plan types for you to consider.

Why do I need life insurance?

Consider the facts… Did you know that the average cost of raising a child through the age of 18 can be as high as $250,000 or more? This doesn’t even include college! Did you know the average funeral cost is between $7,000 and $10,000? Did you know some plans build cash value? That’s right, whole life insurance plans allow you to build up cash value over time!

While we can all agree, there are a number of reasons to purchase a life insurance policy, the key is to understand the plan types and what each plan offers…

How much does a life insurance plan cost?

There are several different types of life insurance plans available. The main ones are annuities, term life, group life, universal life, and permanent life insurance policies. Did you know, when polled, over 44 percent of millennials overestimated the cost of life insurance by 5x the actual amount? Believe it or not, there are affordable options out there. The cost associated with a life insurance policy is normally dictated by several factors including type of policy, age, coverage amount, how healthy you are, and more. Being age is an important consideration, the younger you are, typically the more affordable your premium will be.

Greystone Insurance Solutions
The key here is to understand how much life insurance you need. As a part of our life insurance review at Greystone Insurance Solutions, we look at things like income, outstanding debts, burial/funeral costs, day-to-day expenses, quality of life, and other financial obligations. For most people, we encourage them to carry approximately 10x their income (or more depending on their financial obligations).

Give us a call!

At Greystone Insurance Solutions, we offer a number of different life insurance policy options. To determine which one is right for you, we will review a number of different factors to help you make the best decision for your family. Give us a call today or complete the form below and someone will be in contact with you shortly!