Life insurance is something that most people do not want to think about. However, if you have loved ones, you care for and depend on financially; life insurance is a necessity rather than a luxury. It will provide people you love with financial security and protection if something happens to you and you are not around anymore. 

If you are considering life insurance,  you should know its two main types to make the right choice. 

What Are The Types of Life Insurance? 

There are two types of life insurance  – term life insurance and permanent life insurance. Here is more information about them:

• Term life insurance. This type of life insurance is valid for a limited amount of time. Usually, it is provided for 5, 10, 15, 20, 25, or 30 years. You can always extend your policy, but the premium will likely be higher. Term life insurance is cheaper than permanent insurance. 
• Permanent life insurance. It is a more expensive life insurance option that lasts your lifetime. Also, it has a cash value component that term life insurance policies do not have. Having permanent life insurance guarantees that your beneficiaries will receive the death benefit. 

Singh Insurance and Financial Services LLC – Trustworthy Insurance Agency

Are you thinking of purchasing life insurance? Do not hesitate – it is the right decision and one of the best investments. Choosing the right policy might be difficult, and Singh Insurance and Financial Services LLC are here to help you. Contact us if you have any questions about life insurance or need help choosing the perfect option. We serve clients in Clermont, FL, and other nearby towns in Florida. 

Life insurance provides needed financial security and peace of mind for your loved ones in the event of your passing. One life insurance policy is enough for many, but there is no set limit on the maximum number you can purchase. Although you can buy multiple policies, most insurers will ask about your current coverage allotments to ensure that your ask is appropriate. If your income exceeds 20 to 30 times your income, the insurance company may ask for justification. 

Most people purchase more than one insurance policy to ensure adequate income replacement should they pass away prematurely. Since term life insurance is only valid for a specific period of years, one strategy is to purchase multiple policies that cover 30 years. For example, you might want to have life insurance coverage for thirty years. Rather than purchase a 30-year policy or $1,000,000, you instead buy three policies of varying lengths with death benefits totaling $1,000.000. If you decide only to purchase one policy and later decide that you need additional coverage, you can always purchase another term life insurance policy in the future. 

Given that there is no maximum on the number of life insurance policies you purchase, it is best to consult with your family and financial advisor to determine the best strategy. At Singh Insurance and Financial Services LLC in Clermont, FL, our friendly and professional team is ready to answer any of your life insurance questions. We can help you choose between term and whole life insurance to make the best decision for yourself and your loved ones. Give us a call today to schedule a no-obligation consultation with a member of our team. 

One of the most common questions about life insurance is "How much life insurance do I really need?" This question is so common that there isn’t one answer for everyone, and it is a complex issue that needs to be answered on an individual basis. At Singh Insurance and Financial Services LLC in Clermont, FL, we listen carefully to every customer to understand their needs and concerns. As an independent agency, we offer choices that make finding the right insurance easier. 

To figure out how much life insurance you really need, you have to answer some simple questions.

• Who depends on your income? 
• What is your yearly income? 
• How much debt do you have?
• Do you have enough savings to pay off your debts and your final expenses?
• For how long do you need to provide for any dependent?
• Is there any other reason you may want to have life insurance?

Dependents can be significant others, elderly parents, children, and other dependent relatives. If you are not there to provide your income, will they be able to support themselves?  If the answer is no, then your life insurance is what will fill in the gap. How long this needs to last depends on things only you know. Beyond these basic needs, you may want to provide a legacy for your survivors or make sure your children can afford to go to college. All these affect the amount of life insurance you really need. Discuss all these issues with your insurance agent to come up with a figure. 

When you are ready to review your life insurance at Singh Insurance and Financial Services LLC in Clermont, FL, we are here to help you find the insurance you need and want at prices you can afford. Call our office or stop by for a free quote.