Our Life Insurance
Who do you love?
If you are like me, you’d do anything to protect your family from harm. You have home insurance and auto insurance. But what if something happens to YOU? Nothing can truly replace the loss of a life. But with life insurance, your love can live on, by helping to provide your family with a solid foundation. This is why the Alan Springer Agency is dedicated to supplying life insurance in Hot Springs and the surrounding areas.
Who Needs Life Insurance
- Parents who want to make sure their children are cared for
- Those with debts they don’t want to pass on to loved ones
- People who want to lock in a lower insurance rate while they’re young
- Homeowners who want to make sure their family can pay off the mortgage if they should die
- Families who rely on a stay-at-home parent
- If you have a life insurance policy through your employer, because your policy does not go with you when you switch jobs
- Entrepreneurs who want to protect their business
- Those who want to leave a legacy for their children and grandchildren
How life insurance works
Life insurance helps provide your loved ones with a level of financial security after you’ve gone. My theory has always been “Hope for the best, Insure for the Worst” and one of the worst things I can think of is no longer being around to provide for my family. My kids having no money to pay for their education. My wife not being able to pay the mortgage. My family means the world to me, and I want to be able to provide for them at least financially if I’m no longer on this planet.
How much is enough?
The thing I think about is how much income my wife and kids would need to remain financially stable without my income. A lot of employers used to offer life insurance plans, although today, that benefit in Hot Springs seems to be no longer available, and if it is, it’s usually not enough. In Arkansas, many of us are Self Employed, which makes life insurance even more important. The general rule of thumb has been 7-10 times your annual income. But I think it’s also important to consider a client’s amount of debt and financial obligations, along with what you can afford. The best life insurance policy in the world, is worthless, if you can’t afford to make the payments each month.
Is it affordable?
Your premium will depend on a range of factors including your age and how much coverage you want. If you’re looking for cost-effective insurance you may want to do like I did in my early 20′s and purchase a term life policy. These policies are more affordable and if you’re young and healthy this can be a perfect solution to lock in some fantastic rates that you can convert to a permanent policy later on in life when you are more financial stable.
Choose a policy that is right for you
Usually less expensive because it provides death benefit protection without the build-up of a cash value. Premiums are typically paid monthly (same amount every month) for the selected period – such as 10, 15, 20 or 30 years. You choose the amount of time and the amount your policy is worth. Many of our term policies allow you to convert to a permanent policy without having to get another medical evaluation.
A permanent life policy is just that … permanent! It is designed to last your lifetime with regular premium payments. These payments are typically higher than a Term Policy, but that is because you are also accumulating cash value in your policy in addition to the death benefit.
If you are looking for affordable life insurance in Hot Springs, talk to the Alan Springer Agency and get a free quote.