Life Insurance Options in Norman
Taking measures to protect your family and loved ones after you pass away requires some consideration for the potential financial challenges that they may face. Depending on your current situation, goals and finances, the best life insurance policy for your family may vary. Selecting the best plan for your individual goals may require the assistance of an independent agency like J. Charles Insurance.
If you are not sure about the plan that is most appropriate or if you have a limited budget, then a term-life policy may be an appropriate solution. As your life insurance agent in Oklahoma City, Oklahoma, we recommend that you consider a term policy to address your family's needs as long as you have a limited budget.
The benefit of the plan is that you can purchase a higher amount of coverage for a reasonable price. The downside is that you will only have coverage for the amount of time that you selected, so it will need to be renewed or changed in the future.
A whole life policy is different because it carries forward, and you are not required to renew the plan. It also provides the opportunity to invest and save so that you can get additional financial benefits. Some insurers may also allow you to take a loan against the insured amount so that you have immediate solutions during a financial emergency.
The downside of the plan is that it has a higher initial expense. Your premium will be slightly higher, so the amount that you can obtain in insurance may be lower than the amount available on a term plan.
Selecting the best solution to protect your family's financial future can be challenging. Contact us today to talk to an independent agent to learn more about the different plans that are available.