New Orleans, Louisiana Individual Life Insurance
No one really wants to think about death, much less plan for their demise. But many of our clients have found that the process of purchasing a life insurance policy can actually make them feel better about their future, and more at peace about how well provided for their family members will be after their death.
Deciding on the right Louisiana Individual Life Insurance policy usually depends on your future goals. The breadwinner of a family who still has young kids living at home, or who supplies the sole income for his or her family, will want to provide for their dependents so that they have the money they need to live on for a time and keep the family home. But even if you don’t have kids or they are already grown, and your spouse also has income, you might want to purchase life insurance in an amount that will pay for your funeral expenses and other bills just to make it easier on your family.
Whether you wish to provide a tax free income for your beneficiaries, have funds for the payment of the final expenses or estate taxes, replace the income that is lost if you die, or provide a significant charitable contribution, we can help you choose the Covington LA life insurance policy that will fit your needs at an affordable price.
Individual Life Insurance can be important for:
- A source of savings - If not paid out by death benefit, some types of life insurance can have a cash value.
- Final expenses - using life insurance to pay for funeral and burial expenses.
- Income for dependents - a life policy can provide much needed income for your dependents when you die. Many times this is used for children, but can also be used for a partner that has a loss of income.
- Inheritance - using a life insurance policy as an inheritance even if you don't have substantial assets to pass on to your beneficiaries.
- Used to pay taxes
- Making a charitable contribution
Life Insurance options in New Orleans, Louisiana
What goes into determining what life insurance premiums and coverage you’re eligible for? Generally, age and health are the most important factors in the premium you will pay, because they have the most to do with your health risks. Although you can purchase a policy at any age, the younger you are, the more affordable the policies will be.
All life insurance policies are designed to pay a benefit when the insured person dies. The two most common types of life insurance are Term and Whole (or Permanent) policies.
Term Insurance is usually the most affordable type of coverage. The term of the policy usually lasts between 1 and 30 years and pays only if a death occurs during the policy term. Most term policies have no other benefit provisions. Term policies can be level term which means the death benefit will remain the same throughout the duration of the policy, or they can be decreasing term which mean the death benefit drops over the course of the policy's term. When the policy term ends, you may or may not qualify for new coverage based on your health, and based on your age, the cost of the premium may be too high to be affordable.
The advantage of Whole or Permanent Insurance is that the death benefit and premium will usually remain the same during the duration of the policy. These policies can also build cash value, which may be withdrawn or loaned similar to a savings account.
The 3 types of Louisiana whole life insurance are traditional whole life, universal life, and variable universal life, and there are variations within each type.
Covington LA Life Insurance for Every Need
Our agents at TWFG Insurance Dutel Insurance Agency can guide you through the different types of Louisiana life insurance policies available. Louis Dutel has 25 years of Life Insurance experience and expertise that he will use to get you the very best coverage for your family’s needs.
We’ll work with your personal information, determine your family’s or heirs’ needs, talk to you about the various insurance products available, and help you choose the life insurance policy that will best fulfill your unique needs and goals. Peace of mind is built in with every policy.
No one ever expects to need life insurance until your loved one is gone. Life insurance is a low cost way to prepare for the future and be assured that your loved ones will be well provided for when you’re gone, regardless of your current assets. Contact us today for a quote!