Life Insurance

Life insurance can help ensure your family members have financial protections in place if you pass away.  

Types of Life Insurance 

 

The following are the two major categories of life insurance: 

• Term life insurance is a type of life insurance that only pays out if the insured’s death occurs during the term of the policy, typically between one and 30 years.
• Permanent life insurance typically pays a death benefit whenever the insured dies. It generally will not expire unless the policyholder stops making premium payments. Permanent life insurance can also have a cash value component that may be borrowed against or withdrawn, or the policy can be surrendered for that cash value. 

What Is Whole Life Insurance? 

 

Whole life insurance is a type of permanent life insurance. The following are some of the advantages of whole life insurance: 

• Provides a guaranteed death benefit when the insured passes away, and coverage generally lasts for the insured’s lifetime as long as premiums are paid.
• Accrues a cash value that may be accessed or borrowed against according to the policy’s terms.
• There may also be tax advantages for cash value growth and loans against the whole life policy. Consult your agent or a certified financial planner for additional information. 

How Much Life Insurance Do I Need? 

 

When deciding what life insurance coverage is right for you, it’s essential to consider the following: 

• Your financial obligations (e.g., mortgage balances and other debts)
• Final expenses (e.g., funeral and burial costs)
• Dependents (e.g., childcare and education costs) 

Discussing your life insurance needs with a trusted insurance provider who can help you determine what coverage is right for your specific situation is crucial. 

How Do I Get Life Insurance? 

 

If you are interested in getting life insurance, contact Vogel Insurance Group. We are locally owned and operated, with offices in Jefferson City, Fulton and Columbia, Missouri.