Why do we need life insurance?

If you're single and have little or no debt, you probably only need to consider the cost of final expenses in case you were to die. And if you have a sizable savings account or other assets, you may not really need to worry about life insurance.

But if you are married, especially if you have dependent children, or if you have debts such as a mortgage, car payment, or credit card balances, your family could be at serious financial risk if you should die suddenly and your income were suddenly no longer available. Would your spouse be able to make the house and car payments, raise the children, and educate them on his or her income alone? Life insurance can help you protect your loved ones against drastic lifestyle changes in the event of your death.

If you've finished raising your family and paid off your mortgage and other debts, your life insurance needs are different than when you were younger. But you'll still need to make sure final expenses are paid, and if you're married, your spouse's income may be considerably less with you gone. Enough life insurance can help to "fill the gap".

Many surviving spouses choose to use their death benefit income to purchase an annuity, ensuring income throughout their lives. For details about annuities offered through Tri State Insurance, Please call (866) 826-7576 or click here to contact us for a quote.

TYPES OF LIFE INSURANCE

Term:

Term insurance is like renting a house. You pay premiums for the specified term of the plan and receive insurance coverage during that time. At the end of the term, depending on the plan, you may have to re-qualify for coverage or renew it at a higher rate if you wish to continue your protection. If your health has changed, you may not be able to qualify or you may have to pay a higher rate.

Whole:

Whole Life insurance is more like buying a house. It costs more than term insurance, but over time it builds cash value that grows tax-deferred. You can use the cash value in a variety of ways. (For example, you can surrender the policy for its cash value, take loans against it, or use it to purchase paid-up insurance.) The premium and the death benefit generally stay the same while you own your coverage. And you can keep it for the rest of your life, not just until age 65 or 80-even if your health changes.

Click here to contact us for a quote or call toll free 866-826-7576 to speak to an Agent.