Most people in Ohio don’t want to think about life insurance. After all, the need for this form of insurance and when it kicks in will inevitably occur at a sad time in life.
Still, life insurance is an essential part of any solid financial plan, and this includes plans for newlyweds, families, and those who are single.
Who should have life insurance?
Plainly put, if you are financially responsible for anyone in your life, life insurance is a no-brainer. You must have it. It is especially important to have if you are a parent or a spouse, but anyone and everyone should have this type of insurance as well. It means that you are planning for the future. If anything should happen to you, your loved ones will be financially protected.
How do life insurance plans work?
There are four main parts, or roles, to any life insurance plan.
First, there is the insured individual. If you’re looking for life insurance for yourself so that your loved ones are protected in the event of your death, you will be the insured. The insurer will be the company from whom you purchase your life insurance plan. Next, there is the owner of the policy. This is generally the insured individual, but it may be someone else. The owner is responsible for paying monthly premiums on the life insurance plan.
Finally, there is the beneficiary or beneficiaries of the life insurance policy. This would be the loved ones you would like to protect financially in the event of your death. The funds from the policy will go to the beneficiary.
What types of life insurance are there?
There are many variations of life insurance policies, but the two most common are whole life and term life insurance. Whole life insurance covers you for the whole duration of your life. This policy will pay out to your beneficiary upon your demise at any time. A term life policy only is in effect for a period which can last from five to thirty years or more. Once the period is over, your benefits will be returned. If you pass during this period, your beneficiary will be paid out.
Contact Remarkable Insurance for Life Insurance Today
Are you an Ohio resident looking for life insurance for you and your family? Remarkable Insurance is proud to provide life insurance plans to the residents of the state and can surely help you find a plan that’s right for you.
To speak with a life insurance agent today and learn about your coverage options, stop by our nearest location or feel free to give us a call. We can help you get a quote and get you started.