At Bingham Insurance Group in Braselton, GA, we are constantly helping people get the right life insurance policy to help protect their loved ones and other financial interests. With this in mind, we are answering commonly asked questions about life insurance.
What are the different life insurance policies?
While different life insurance plans exist, they are mainly categorized into two: term life and whole life. Term life insurance covers you within a specific period. It could be 10, 15, 20, or 30 years. If you die when the policy is in effect, your beneficiaries receive a death benefit.
On the other hand, whole life insurance covers you as long as you live. You are expected to pay premiums when alive for your beneficiaries to receive a death benefit when you pass on.
When should I update my life insurance policy?
Just like most insurance policies, you should update your life insurance at least once a year. However, when you have changes in your beneficiary list or your financial situation changes, you should immediately talk with your insurance agent.
Do I need life insurance if single?
Life insurance isn’t just for married people and those with children. Single persons can benefit from life insurance, especially if they have debts, want to finance their funeral costs or have a business.
How does my insurance company determine my premiums?
While each insurer has its formula for determining your life insurance premiums, most consider factors like your age, health status, gender, and occupation to compute your premiums.
Where can I purchase a life insurance policy?
Life insurance is a must-have investment if you want to protect the things that matter most when you die. If you are in Braselton, GA and its environs, please get in touch with Bingham Insurance Group for an affordable life insurance quote.