Protect those you Love

Today, I want to talk with you about life insurance. Most of you might not know that we offer life insurance here at Hanby. We usually only write term insurance policies.

What is Term Insurance?

Term life insurance is a straightforward and affordable way to protect your loved ones financially. Term is the purest form of life insurance. It provides coverage for a specific period, such as 10, 15, or even 30 years. If you outlive the term, the policy does not pay out. Term policies do not build a cash value. Instead, the focus is solely on providing financial security for a specific time frame. Because of this, term insurance policies are significantly less expensive than permanent options, making term ideal for individuals seeking high coverage limits at a lower cost.

How to Choose the Right Term?

Finding the term that is the right length for you and your family depends on your financial goals. If you have children, a 20 or 30 year term may ensure that coverage is in place until they graduate college. If you’re paying off a mortgage, selecting a term that matches your loan duration can provide added security.

Are There Other Options?

Yes, other life insurance products are available. These options, such as universal or permanent, also known as whole, life insurance, tend to be more expensive and often serve investment-related purposes. There is also mortgage protection insurance that will pay off your home mortgage should something happen to you. I tend to think that term is a better option because the death benefit stays the same for the entire term. With a mortgage protection policy, the death benefit decreases as you pay off the mortgage.

Hanby Helps

As our clients, we want to ensure you know we have life insurance products available. Our team can help you find a policy that fits your budget and needs, so you can have peace of mind knowing your loved ones are protected. Call us for a quote or obtain a quote on our portal – whichever you prefer. We are here to help!