Changes in Your Life

Changes in Your Life

by Dave Reese
The Reese Agency
(Farmers Insurance at Oakmont)

It’s a good idea to review your life insurance needs annually, or if significant changes or life events occur such as:
• The birth or adoption of a child
or grandchild
• Getting married or divorced
• Home purchase
• Job change
• Planning for retirement or college

What Kind Of Life Insurance Fits My Needs?
You have more than one option when it comes to choosing a life insurance policy. There are term and permanent insurance policies, as well as hybrid policies. Determining which type of life insurance policy is best for you depends on your individual circumstances and
financial goals.

Term Life Insurance

Term life insurance provides coverage for a specific period and offers the greatest amount of coverage for the lowest initial cost. With a term life insurance policy, your premiums will stay the same for a set amount of time, usually 10, 20, or 30 years. Term life insurance may be a good choice for debts that end, such as a mortgage, or if your funds are limited.

Permanent Life Insurance

Permanent life insurance is different than term life insurance because it provides benefits while you’re alive and can remain in force as long as you live and as long as premiums are paid. Permanent life insurance premiums may build tax-free cash value. This means the cash accumulated can help pay your premiums in the future. You can borrow the cash value or if the policy is canceled, the cash value is sent to the policy owner.

Whole life insurance, which has fixed premiums and a guaranteed cash value, and universal life insurance, which has flexible premiums and benefits, are popular types of permanent life insurance.

Permanent life insurance may be a good option if you have long-term needs like income for a spouse, an inheritance for children or end-of-life expenses.

For many people, a combination of term and permanent life insurance is the
best solution.

Hybrid Products

Life insurance products like our Farmers Index Universal Life Insurance can be used to get the life insurance protection that you need while providing the opportunity low-risk cash value growth you want. This product combines a traditional life insurance policy and the ability to hold accounts with growth levels based on the performance of two major stock indexes. These accounts have a “floor” that protects you from market related losses in years that the indexes perform poorly.

Let The Dave Reese Agency- Framers at Oakmont help you walk through your life insurance planning. Give us a call at 940-387-2181 or come by to see us at 1420 Robinson Road, Corinth, TX.

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