When you go shopping for life insurance there are plenty of things you need to look at when you apply for life insurance in Nevada. Where do I get life insurance? How much life insurance do I need? What is my reason for buying life insurance? All of these are valid questions we ask ourselves during the process. You should also ask yourself what type of life insurance do you need.
Term Life Insurance vs Permanent Life Insurance
The first thing to look at is what type of insurance to get. When someone purchases term insurance they are usually looking for lower premiums while still protecting their family. Term insurance is a great way to protect your mortgage, car payment, or your paycheck all while not breaking the bank. Term insurance can be purchased with different term lengths based off of your needs. Most policies range from 10,20, to 30 years in length.
On the other side of things is permanent insurance. Permanent insurance is used for a variety of things. From protecting our finances to establishing a legacy. The biggest perk to having permanent insurance is that as long as the premiums are paid, the policy is guaranteed to pay out. The other perk is that the death benefit continues to grow as long as you are paying the premiums. These policies also have living benefits. Permanent policies have a cash value that you can pull from for a loan or surrender the policy and take the cash value.
How much life insurance should I apply for?
This is the biggest question when you apply for life insurance in Nevada. We like to look at a few things when determining your benefit. The acronym LIFE is used. L is for loans or how much do you owe on your home or auto? I is for income replacement. F is for final expense costs and E is for education and everything else. These are the questions you need to ask yourself when thinking about getting life insurance. If you need help determining what or how much you need you can always ask us. Our team of skilled brokers will help you find out exactly how much you need. We do not charge anything for our services and we can shop multiple companies to find you the best deal.