Reno Life Insurance
Although our office specializes in Reno health insurance, we are also able to assist with life insurance. Whether you are an individual looking to protect your family or employer providing extra benefits, our office can shop all available plans to find you the best price. A Reno life insurance policy has many different requirements and regulations than a health insurance Nevada plan. Speaking with a broker can help you find the correct policy for your needs.
There are many different life insurance policies, but our office focuses on three main types. They are term, whole, and universal life. There are other policies like variable life insurance that we do not represent. The reason is that these policies are tied to an investing account. A broker must have additional certification and training to represent annuity and variable policies.
This is the simplest and least expensive option for life insurance. You will enroll in a policy that will protect you for a certain amount of time, usually 10, 20, or 30 years and after the life of the policy ends your coverage stops. It is best to get this policy at a younger age for two reasons. You will have a lower premium the younger you are and that is typically a fixed amount. This means you will still be paying the same low premium further down the road till the end of the policy. Younger families that do not have much savings built up yet can also take advantage of a term life policy. The policy will protect against a family losing a significant portion of income from a death in the family.
A whole life policy will cover you for the remainder of your life if you continue to pay your premium. The premiums for these plans are also typically fixed as a term life policy but will be more expensive. A whole life policy can also have a cash value while a term policy does not. This cash value can accumulate, tax-deferred, over the course of the policy. In addition, you can borrow against the policy and the cash value pays out when the policyholder dies.
A universal life policy has a cash value like a whole life plan. Your cash value will accumulate interest based on either the current market rate or what your minimum rate is for the policy. Although, a universal life policy has more flexibility than a whole life policy. As a policyholder, you can adjust your premium amount as well as your death benefit.
If you have more questions about Reno life insurance policies or would like to enroll in a plan, please call our office at 775-828-1216. As your health insurance broker, our services come at no additional cost to you.