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Life Insurance

Life Insurance

Life insurance is a form of protection that provides financial security for your family, loved ones, and even yourself. It's an affordable way to ensure you have the funds to cover funeral costs and other expenses in the event of your death. There are many different life insurance policies out there, so it pays to do some research before making a purchase.

Modern Insurance has provided excellent customer service and has helped people in Ohio find the best life insurance coverage for many years. Let us help you too!

Types of Life Insurance

The four main types of life insurance are term life insurance, whole life insurance, universal life insurance, and variable universal life insurance.

  • Term life insurances have very low monthly premiums, but they increase each year as you get older, making it more expensive to maintain over time. Term insurances are either a fixed sum or a percentage of your income, which you receive if you die while the policy is in effect.
  • Whole life insurances have higher premiums than term ones. You can either pay a lump sum for this type of life insurance or make regular payments. This type of life insurance also increases each year; however, it pays out when the insured dies--no matter how old they are.
  • Universal life policies work like whole life ones, but they allow more flexibility with making monthly payments, and they don't increase costs as much each year (unlike term or whole policies).
  • Variable universal insurance also works like universal insurance; however, it changes according to market conditions--it could go up or down in value depending on stock market performance.

Why You Need to Get Life Insurance

Life insurance is critical, especially for families. If the insured dies, their dependents will need financial support until they can stand on their own feet again. Depending on the type of policy and how much it pays out, death benefits can be used to pay off credit card or car loan debts, buy and furnish a home and pay its mortgage, and cover funeral expenses and medical bills if necessary.

It also provides your dependents with enough money for living expenses while they go through an education program (if you have children) or repay any other debts that you've incurred before you die.

Whether you need to buy a life insurance policy in Ohio or have questions or concerns concerning this coverage, we at Modern Insurance ensure you make the right choices. Call or visit us today and help us make the best life decision for you and your loved ones!