One of the biggest concerns a person has before they pass away is if their family will be well taken care of in their absence. Having a quality life insurance policy will help you provide for your family and loved ones even after you are gone.
You don’t have to leave the future of your loved ones to chance! The Fite Agency will help you find just the right life insurance coverage for your unique needs, and will help ensure that your policy continues to provide the best coverage throughout your lifetime and beyond.
Life changes – your policy should as well.
Each resident of McKinney has unique life insurance needs according to their specific situation and financial status. As your life continues to change and experience new events, your life insurance coverage may need to adapt to your current needs.
If you have experienced any of these life events, your policy may need a “tune-up” and our help at The Fite Agency:
– You have refinanced your home in the past six months
– You recently purchased a home
– You have opened a new business or expanded a current business
– You recently got married or divorced
– You have a new child or grandchild
– Your health or the health of your spouse has declined
– Your child or grandchild requires help or long-term care
– You are providing financial assistance or caring for a parent
– You are planning for your child or grandchild’s education
– You are worried about your retirement income
– You have a large estate
– You or your spouse received an inheritance recently
At the Fite Agency, we can help you choose the best life insurance coverage for your needs, and make sure that your policy continues to meet your needs. Several different types of life insurance options are available, including:
Term Life Insurance
Term life insurance provides you with coverage for a specified period of time. Term life insurance can be a good place to start if you have never had life insurance before. Term is available in adjustable time periods with fixed premiums ranging from a one year (annual renewable) term to 20-year (level) term, and is generally less expensive than permanent (whole) life insurance. Term life insurance is often convertible to permanent coverage, giving you a flexible option as your needs may change over time.
Whole Life Insurance
Whole life insurance coverage will remain in force for your entire lifetime provided premiums are paid as specified in the policy, and is a form of permanent life insurance. Many whole life insurance policies will build cash value over time, providing the insured with a reasonably safe investment vehicle.
Universal Life Insurance
Universal life is a type of permanent life insurance, and is known for flexible premiums, face amounts and unbundled pricing structure. Universal life insurance policies can also build cash value, earning interest at a rate that may adjust periodically but usually is guaranteed to not fall below a certain percentage.
Are you unsure of which type of life insurance is best for you? Talk with The Fite Agency today and our helpful agents will assist in identifying what is the best protection for you and your unique needs.
What are the advantages of having life insurance?
Having a quality life insurance policy is crucial for your present and future. Life insurance will provide valuable assurance for your family when you are gone, and many life insurance policies provide other benefits and stable investment opportunities you can take advantage of while you are living.
Advantages of the life insurance death benefit: Your life insurance provides income tax-free money to your named beneficiary or beneficiaries when you pass away. This money can be used in a variety of ways, including to pay funeral expenses, estate taxes, debt, tuition or virtually any other financial need. Your life insurance policy can also help provide security for your business by enabling partners to buy out the interests of a deceased partner and prevent a forced liquidation.
Advantages of living benefits: Cash value growth on a permanent (whole) life insurance policy is 100% tax-deferred. This means that you do not have to pay taxes on the cash value growth unless money is withdrawn. In addition to tax-deferred growth, withdrawals or loans can be taken against the cash value of a permanent life insurance policy to help with expenses such as the down payment on a home or college tuition.
If you are still unsure about which life insurance policy is the best for you and your unique situation, talk with the Fite Agency team today to find out how you can protect your family and your future with the right life insurance policy.
