Do you need life insurance? That depends on….your income, your dependents, your future plans & dreams, potential estate tax burden, business situation….a host of factors to look at!
Life insurance is most often purchased to replace the potential loss of income in the event of death.
There are 100’s of insurance companies that sell life insurance in Nevada. Balsiger Insurance only works with top rated companies. Combine this with all the different types of life insurance and determining how much…a daunting task without the help of a trained professional.
Whether you purchase a policy on-line or with the help of broker you will pay the same for that policy. A broker like Balsiger Insurance in Reno is able to help you ‘shop’ leading companies after determining what fits your situation.
- Types of Life Insurance
- How Much Coverage Do I Need?
- Other types of Insurance
Balsiger Insurance- Reno, NV Location
Types of LIFE INSURANCE
In exchange for premiums paid there is a face amount to be paid to beneficiaries at the time of death. There are many variations…re-entry term, ART (annual renewable term), 10,15,20,25 or even 30 year term, guaranteed convertible term and return of premium term. Each of these types has features and limitations that affect the pricing. Term insurance is the lowest up front costs and enables you to buy more coverage when limited funds may be available. This is also a good product to purchase when you need the coverage for a fixed period of time (for example to cover a debt).
WHOLE LIFE Insurance.
In addition to providing a death benefit a whole life policy accumulates cash value on a tax deferred basis. This policy will appear to cost more when in reality over the long haul it may be a better buy in some cases.
UNIVERSAL LIFE Insurance.
This product is kind of a blend of the ‘old fashioned’ whole life and term. It is more flexible (you can increase/decrease the coverage, monthly contribution during the time you have it based on your needs). Subject to insurability. Like whole life this also accumulates cash value on a tax deferred basis.
HOW MUCH LIFE INSURANCE COVERAGE DO I NEED?
A general rule of thumb may say 6-10X’s your annual earnings…I would use caution in using this method…this is where the professional comes in sitting down with you and going through some type of needs assessment tool. At Balsiger Insurance we will ask you questions like…what is your income? How will you replace your income if you die? Do you have other resources available-savings, inheritance? Does your spouse work? How old are your children? Any special needs? What is your net worth? What do YOU want to happen if you die? Do you have a will or trust set up? We will show you options and help you put the steps in place to have the life insurance you want.
And regardless of what someone may have told you in the past you don’t need to quit living now to purchase a monster amount of whole life insurance! Don’t worry! You can protect your loved ones without breaking the family budget!
Balsiger Insurance is a local, independent insurance agency, helping you with your personal and commercial insurance needs. We offer competitive life insurance rates throughout Nevada in Reno, Henderson, Las Vegas, Boulder City, Pahrump, Laughlin, and Sparks, additionally Balsiger Insurance provides life insurance coverage in the following states: Florida, California, Tennessee, Oregon, Washington, Idaho, Utah, Arizona, Texas, Minnesota, Ohio, Wisconsin, North Dakota, Colorado, Missouri, Pennsylvania, Georgia, North Carolina, and Illinois. Contact us today if you have any questions regarding proper life insurance coverage.
Click the link for: Life Insurance in Henderson, Nevada.
Click the link for: Life Insurance in Las Vegas, Nevada.