Little Known Facts About Life Insurance
There are plenty of reasons to invest in a life insurance policy. It’s a great way to make sure that your loved ones are taken care of, and it’s also a great investment in your own future. Most people have a vague idea of its benefits, but there are still a lot of misconceptions floating around — and many people simply don’t have the full picture. If you’re considering a life insurance policy — or if you already have one — you should pay attention to these lesser known facts about life insurance. You might learn something new, and you might be inspired to buy a life insurance policy.
You Can Save on Your Premium
Many people avoid investing in life insurance because they assume that their monthly premium will be too high. Premiums are based on a variety of factors and they ultimately vary greatly. Still, you should know that there are several ways to save on your premium and massively reduce its cost. If you’ve improved your lifestyle by quitting smoking, for example, you should tell your life insurance issuer. You might see your rates go down. You can also find other ways to save, such as bundling policies or opting for a term life insurance policy.
Your Coverage Could Change
Life insurance isn’t a one-size-fits-all offering, and it’s not even one-size-fits-you. Just like you outgrow certain clothes and styles, you may eventually outgrow your initial life insurance policy, too — and that’s a good thing! Your life insurance should change along with your life. If you get married, have a baby, or buy a house, these are all changes that should be reflected in your life insurance.
You Should Reassess Coverage
The aforementioned life events will necessitate a review and update of your coverage, but you should reassess your coverage regardless of whether or not you’ve had any major life changes. Periodically reviewing your coverage can help you identify ways to save, and it can even help you use your policy more effectively. Sometimes you may need to update your beneficiaries or invest in more coverage. When you take the time to review your coverage, you can be confident that it’s right for your needs.
Your Policy Can Have Cash Value
One of the most commonly overlooked life insurance facts is that a life insurance policy can actually have cash value. Indeed, if you invest in a permanent life insurance policy or a universal life insurance policy, there are a few benefits that you can take advantage of. One of these is the ability to borrow money against the value of the policy. This is possible due to the cash surrender value that the policy carries. The cash surrender allows you to take out a loan with interest.
About Byrnes Agency
At Byrnes Agency, we offer insurance solutions that can be tailored to meet your specific needs. Whether you’re looking for personal policies or commercial coverage, we have the right coverage for you. To learn more about our products, contact us today at one of our two locations.
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Phone: (860) 774-8549
394 Lake Rd
Dayville, CT 06241
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm
Phone: (860) 886-5498
6 Consumers Avenue
Norwich, CT 06360
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm