It's not easy finding a Philadelphia life insurance company that will have the plan you need for the future. You have loved ones, and you don't want to imagine being apart from them. But when you do think about it, you wonder—what will they do without you?
There are so many answers to that question. One of them involves financial burden. You want to make sure that in the event you're no longer around to take care of them, your family and other loved ones will be as financially secure as they were when you were providing income. You also want to be sure that they won't struggle to pay certain costs associated with death or disease, debt, funeral costs, or long-term medical expenses.
How do you take care of your family? With life insurance. A life insurance policy is a contract between an insurance company and the insured person. When you buy a life insurance policy, you agree to pay the insurance company premiums—payment for the policy—either as a lump sum or in installments. In exchange, the insurance company agrees to give a certain amount of money to your beneficiaries—the people you designate to receive the money—upon your death.
Sometime life insurance policies will cover other eventualities, like critical illness or injury. This means that when the unthinkable happens, there's one thing you won't have to think about: your loved ones' financial security.
Searching for the Right Type of Philadelphia Life Insurance
If you live in Pennsylvania, there's good news: your life insurance company will be subject to regulations by the Pennsylvania Insurance Department, which takes care of insurance consumers by making sure life insurance companies employ fair practices and policies. You can search for a Philadelphia life insurance company with peace of mind.
Life insurance companies offer policies across different categories. HealthMarkets offers insurance policies from a wide variety of insurance companies nationwide, and we can help explain each kind of life insurance policy and why it could work for your family. These policies include the following:
- Term life insurance: Term life insurance is life insurance that is purchased for a specific length of time and can cover specific financial responsibilities. College tuition, mortgages, and car payments: you can help your family pay these and other finite expenses with this kind of policy.
- Whole life insurance: Designed to protect you for your entire lifetime, whole life insurance is what most people envision when they think of life insurance. It offers regular, level premiums in exchange for a specific cash value upon your death. In whole life insurance, a part of your premium goes into an account that will be accessible to your beneficiaries.
- Universal life insurance: Similar to whole life insurance, universal life insurance is a permanent insurance that can last a lifetime with the monthly premium building cash value within the policy. It is more flexible than whole life insurance and offers you more options for how high your premiums should be and how much your beneficiaries will receive.
- Final expense insurance: If you're worried about your funeral costs or other expenses related to the end of your life, a final expense insurance policy is an affordable way to provide the financial resources necessary to cover them.
HealthMarkets Insurance Agency offers a variety of life insurance plans to fit your needs and budget. Call HealthMarkets today at (800) 360-1402, and let one of our thousands of licensed professionals explain your options. Residents of Philadelphia have life insurance policy options from across your state and across the country; we can help you find the one that's right for you.
Fidelity Investments: https://www.fidelity.com/life-insurance-planning/what-is-life-insurance
Pennsylvania Insurance Department: http://www.portal.state.pa.us/portal/server.pt/community/about/5230