Understand Life Insurance
At Atlas Broker Insurance, our mission is to provide insurance education and valuable services that are within budget.
What is life insurance?
Around 52% of American families would be completely out of money in their savings and/or going bankrupt within 3 to 5 months if they lost their primary income earner.
Picture life insurance as a financial safety net for your family. It's a bit like having a backup plan in case something unexpected happens to you. You sign up for this plan, and if the unexpected occurs, your family gets a sum of money, known as the death benefit. This money helps cover essential expenses like bills, education, and daily living costs. It's like creating a financial cushion for your family, ensuring they have support even if you're not there to provide it personally.
It's a big and important responsibility that we handle sincerely.
Insured: This refers to the person(s) (also can be an organization or entity) that an insurance policy provides coverage for. For example, if you have an auto insurance policy, you are consider to be the insured in that contract.
Beneficiary: the person or entity designated to receive the death benefit when the insured passes away. For example, you might choose your spouse or children as beneficiaries.
Premium: the amount of money you pay regularly to keep your insurance policy active. For example, you might pay a monthly or annual premium to maintain coverage.
Death Benefit: the sum of money paid to the beneficiary when the insured person passes away. For example, if the death benefit is $100,000, that amount goes to the designated beneficiary.
If you're still having some trouble figuring this all out, don't worry. Just kick back, relax and we will guide you through the whole process. Don't stress yourself searching all over Google just to be led down the rabbit hole of information.
Picture life insurance as a financial safety net for your family. It's a bit like having a backup plan in case something unexpected happens to you. You sign up for this plan, and if the unexpected occurs, your family gets a sum of money, known as the death benefit. This money helps cover essential expenses like bills, education, and daily living costs. It's like creating a financial cushion for your family, ensuring they have support even if you're not there to provide it personally.
It's a big and important responsibility that we handle sincerely.
Insured: This refers to the person(s) (also can be an organization or entity) that an insurance policy provides coverage for. For example, if you have an auto insurance policy, you are consider to be the insured in that contract.
Beneficiary: the person or entity designated to receive the death benefit when the insured passes away. For example, you might choose your spouse or children as beneficiaries.
Premium: the amount of money you pay regularly to keep your insurance policy active. For example, you might pay a monthly or annual premium to maintain coverage.
Death Benefit: the sum of money paid to the beneficiary when the insured person passes away. For example, if the death benefit is $100,000, that amount goes to the designated beneficiary.
If you're still having some trouble figuring this all out, don't worry. Just kick back, relax and we will guide you through the whole process. Don't stress yourself searching all over Google just to be led down the rabbit hole of information.
What type of life insurance is right for me?
Term and Permanent life insurance are the two main types for individuals. When trying to decide which one is best for you, think about how long you would want coverage, the main purpose for your coverage, and how much you want to pay. Here's a little information about each to help you decide which may be best for your future goals.
Permanent (Whole or Universal) life insurance
Whole life insurance is a type of insurance that provides coverage for (you guessed it) your entire life, as long as you continue to pay the premiums. Unlike term life insurance, which covers you for a specific period, whole life insurance is a permanent policy. It has a savings or investment component called cash value, which grows over time and can be accessed by the policyholder.
While the premiums for whole life insurance are generally higher than term life, the policy offers lifelong coverage and the potential for cash accumulation, making it a long-term financial planning tool. It provides both a death benefit for your beneficiaries and a cash value that you can use during your lifetime.
Term life insurance
Whole life insurance is a type of insurance that provides coverage for (you guessed it) your entire life, as long as you continue to pay the premiums. Unlike term life insurance, which covers you for a specific period, whole life insurance is a permanent policy. It has a savings or investment component called cash value, which grows over time and can be accessed by the policyholder.
While the premiums for whole life insurance are generally higher than term life, the policy offers lifelong coverage and the potential for cash accumulation, making it a long-term financial planning tool. It provides both a death benefit for your beneficiaries and a cash value that you can use during your lifetime.
Our Simple Process
Step 1
Click "Get My Price" and fill out your information
Step 2
One of our Reps will reach out to set up an appointment with our agent on the same day or next
Step 3
You'll speak with our expert Agent to get the best price and policy
Step 4
In majority cases, you'll get approved for coverage on the same day
Step 1
Click "Get My Price" and fill out your information
Step 2
One of our Reps will reach out to set up an appointment with our agent on the same day or next
Step 3
You'll speak with our expert Agent to get the best price and policy
Step 4
In majority cases, you'll get approved for coverage on the same day
Understand Insurance
You Don't Own The Life Insurance Policy Through Your Job
Many people believe that having a life insurance policy through their job provides complete ownership and control over the policy. However, it's crucial to understand that employer-sponsored life insurance is often a group policy, and employees are usually participants, not owners. This means that the employer holds the master policy, and you are part of a group covered under it.
Consequently, if you leave the job, the coverage typically ends, and you might not have the option to take the policy with you. Additionally, the coverage amount is often a fixed multiple of your salary, which might not be sufficient for your individual needs. To ensure more control and flexibility over your life insurance, considering a personally-owned policy is recommended, as it provides portability, customizable coverage, and remains intact regardless of changes in employment.
Contact us today so we can help you get a clear understanding.
Understand Insurance
You Don't Own The Life Insurance Policy Through Your Job
Many people believe that having a life insurance policy through their job provides complete ownership and control over the policy. However, it's crucial to understand that employer-sponsored life insurance is often a group policy, and employees are usually participants, not owners. This means that the employer holds the master policy, and you are part of a group covered under it.
Consequently, if you leave the job, the coverage typically ends, and you might not have the option to take the policy with you. Additionally, the coverage amount is often a fixed multiple of your salary, which might not be sufficient for your individual needs. To ensure more control and flexibility over your life insurance, considering a personally-owned policy is recommended, as it provides portability, customizable coverage, and remains intact regardless of changes in employment.
Contact us today so we can help you get a clear understanding.
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