Life Insurance in Arizona

Why Should You Get Life Insurance in Arizona?

Life insurance provides a payment after the policyholder dies. The money from life insurance can pay for a number of different things. It can help cover any unexpected final expenses and provide the family with a financial safety net. It can also serve as an inheritance. For those who don’t have dependents, life insurance can still have some benefits since it can pay for funeral costs and medical bills that weren't covered by health insurance. It can pay off any debt, so surviving family members don't have to.

What Kind of Life Insurance Should You Have?

There are two different types of life insurance to consider in Arizona. Term policies are for a predetermined period of years and will pay a set amount if the policyholder dies while the plan is in effect. If the policyholder dies after the term expires, then nothing will be paid out. Term life insurance can’t be used as an investment. There are different types of term life policies. Some will have fixed premiums, and others may increase in price throughout the term. Some policies will be renewable at the end while others are not able to renew.

Permanent life insurance stays in place for the policyholder’s entire life as long as premiums are paid. There are also different types of permanent life insurance, and some will generate returns on premiums. Returns can be stored in reserves or borrowed after a waiting period. These funds may also not be taxable. Once a policy matures, you can cash it out and surrender the value. While permanent life insurance provides more benefits than just an investment tool, many people do use it for financial planning. With so many different types of life insurance, it’s important to discuss your options with an agent at Giles & Iten Insurance in Surprise, AZ to make sure you are getting a policy that will suit your needs.

Contact Giles & Iten Insurance, serving Surprise, AZ, to get a quote on life insurance.