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Life insurance comes in all shapes and sizes to fit different consumer needs. The policy is divided into major types–term and whole/permanent life insurance. In such a complex marketplace, it becomes difficult to choose the right plan. However, there is always a typical winner as most people in Little Falls, MN, choose term life insurance to keep things as simple as possible. If you’re wondering why you should go for term life insurance, Hanneken Insurance Agency Inc will share four reasons why you should.
1. Can pay for your debts
If you’re the breadwinner for your family, you may want to buy term life insurance to ensure that your family is provided for even after your death. If you have students loans, car loans, mortgage, and other debts, your policy can help clear all of them if you pass away without fully paying them.
2. You lock in low rates
Many people in Little Falls MN, buy term life insurance due to its surprisingly low rates. Unlike whole life insurance, you’re likely to pay your premiums smoothly without hitches throughout the agreed duration. You can also opt for simplified term life insurance that fits your goals.
3. It’s more flexible
Term life insurance allows you to take charge of your financial needs and plan your future accordingly. If you are young and single, you can buy the policy and choose your duration–3, 5, 10, or even 30 years, depending on your lifestyle goals.
4. Rates remain the same throughout
Unlike permanent life insurance, which comes with maturity benefits, term life insurance does not have such privileges. However, rates remain the same throughout which makes it easier for you to plan your finances as you age.
Buying term life insurance soon? Hanneken Insurance Agency Inc. would like to be part of the process. Let us guide you through the process and make sure you’re adequately covered. Feel free to call or visit our offices in Little Falls.