Life insurance is something that everyone should have but few people know a lot about. If you have questions about life insurance, you have plenty of company. At The Merhar Agency LLC in Willoughby, OH, we are locally owned by three generations of the same family. We have been serving our community for more than 65 years with dedicated service and as independent insurance agents, we can bring you a variety of insurance carriers.
Life Insurance FAQs
What is term life insurance?
Term life insurance is coverage that has a term. It is usually between 5 and 30 years. At the end of the term, there is no cash value and coverage ends.
Buying life insurance, is there a right time?
Life insurance is less expensive when you are young and healthy, but you may not need a great deal at that time. You need the insurance to be in effect when you need it most.
How much life insurance do you need?
Each person has different needs for life insurance. The basic premise is that you are providing your dependents with the equivalent of your income. How much your income is and how long you need to provide it is decided by your particular situation. When you have young children, you may require to provide several years of income.
How do you collect on life insurance?
As soon as someone who is insured passes away, you notify the insurance company either online or on the phone. They will need you to provide the death certificate. In most cases, it is a simple process to provide the necessary verification and payment will occur within a couple of weeks.
Give Us A Call
Contact The Merhar Agency LLC in Willoughby, OH if you are interested in learning more about life insurance and what it can do for you.
When selecting the best life insurance to protect your Willoughby, OH loved ones, you must first weigh the pros and cons to help narrow down your options and needs. The two most common life insurance policies are term life insurance and whole life insurance.
Listed below are the pros and cons for both term life insurance and whole life insurance. When done reading, if you still have questions, give us a call at The Merhar Agency LLC.
Term Life Insurance
Term life insurance policies range from five to 30 years, depending upon the term selected. Some pros for term life insurance include:
- Very affordable when compared to other life insurance plans
- Easy to understand plans
- Renewable (in some cases)
- A portion of your paid premiums may be paid back to you if you outlive the policy terms (or given the option to change to a whole life insurance plan)
Some cons for term life insurance include:
- Hold no cash value
- Many plans require a physical and health questionnaire to determine eligibility
- Coverage limited to term’s lifespan
- If you outlive the policy, premiums on a new policy may increase
Whole Life Insurance
Whole life insurance is permanent insurance that covers you for your entire life, and the policies accrue cash value. Some pros to whole life insurance include:
- Lasts your entire life
- Premiums do not change as long as they are paid
- Policies build cash value that can be borrowed against while still living
- Very useful for estate planning
Some cons of whole life insurance include:
- More expensive than term life insurance
- It can be challenging to understand
- The investment component of the policy may not be needed
Life insurance is a way to help your family after your passing to adjust to their life without your financial support. It is always a good idea to speak with someone about life insurance options available in Willoughby, OH. Give us a call at The Merhar Agency LLC to discuss your life insurance options.
Do you currently have a life insurance policy, or are you thinking about getting a new one? Are you concerned you might not have enough life insurance at present? Many questions are surrounding this topic, and the team at The Merhar Agency LLC is available to answer all of them. Buying a life insurance policy doesn’t have to be a hassle. Have peace of mind knowing you’re taking care of your loved ones even after you pass. Ready to get started? Read on to learn how.
1. Work with a Reputable Insurance Agent
Buying life insurance is something you don’t want to do on your own. Instead, you’ll need a reputable insurance agent from The Merhar Agency LLC to help guide you. This agent will answer all your questions and concerns, explain each policy, and help you decide how much life insurance you need. Tip: The rule of thumb when buying life insurance is to purchase 10 times your current salary amount.
2. Compare Several Quotes
Insurance policies differ on price and coverage. That’s why it’s important to review as many quotes as possible. To narrow down the number, your reputable agent will ask you a few questions, such as your current salary, number of dependents, outstanding debt, and more. This is a great time to ask lots of questions to understand the policy you’re purchasing thoroughly.
3. Bundle Your Life Insurance Policy
Chances are, if you’re reading this, you already have one or more insurance policies. Once you’ve decided on which life insurance policy you want to purchase, consider bundling it with your other policies. Why? Because the insurance carrier will reward you with a discount on your premiums.
To learn more about purchasing life insurance in Willoughby, OH, contact our friendly team today.