At Peyer Insurance Group, we understand that Life insurance is an important investment and valuable part of your financial planning, no matter how old you are, or what your financial situation might be. Most families do not have savings that are substantial enough to replace the income of a lost loved one. Life insurance is meant to provide financial security to your family in the event you were to pass away. Peyer Insurance Group is committed to helping our neighbors throughout Maple Grove, Brooklyn Center, Brooklyn Park, Minneapolis, and the surrounding areas to establish this security through a quality life insurance plan.
Some people tend to avoid life insurance is because they feel it is too expensive. It is important to consider life insurance while you are young and healthy. As you get older, premium rates increase. Purchasing a life insurance policy early in life can give you access to lower rates or higher levels of coverage than if you were to wait. You can purchase a life insurance policy confidently at a young age knowing that your policy is protected by The Minnesota Life and Health Insurance Guaranty Association. This entity was established in 1977 to provide funds to Minnesota policyholders in the event a life insurer becomes insolvent throughout the policy holders lifetime.
Many individuals feel that the life insurance benefits that are offered through their employer are substantial enough. It is a rule of thumb that you should purchase a policy which will provide roughly 8 to 10 times the breadwinner’s annual income. Life insurance offered through an employer may only offer up to a single year of income.This is well below the recommended level of life insurance coverage and can leave your loved ones unprotected.
There are a couple of common life insurance options available depending on your individual requirements. These options are:
Permanent Life Insurance can include a number of options such as Whole Life, Universal Life, and Variable Life policies. One of our experts at Peyer Insurance Group can explain the differences between each of these options to help you determine if one of these permanent life insurance plans is the right choice for you.
When reviewing the many options you have for life insurance, it is important to take into account medical expenses, burial costs, estate taxes, monthly bills and expenses, remaining mortgage, college tuition, and retirement costs. Re-evaluation of your life insurance plan should take place after every major life event such as the birth of a child, purchase of a home, or marriage.
Life insurance is a crucial investment that allows you to provide for your family, even after you have passed. Peyer Insurance Group will make sure your family is adequately covered through a quality life insurance plan tailored specifically to you. For more information about life insurance options or to obtain a free quote, please call us at 763-566-1030 or you may use our Life Insurance Quote Tool to start the process.