Life Insurance

There are many kinds of life insurance, but they generally fall into two categories: term insurance and permanent insurance.

Term insurance is designed to meet temporary needs. It provides protection for a specific period of time (the "term") and generally pays a benefit only if you die during the term. This type of insurance often makes sense when you have a need for coverage that will disappear at a specific point in time. For instance, you may decide that you only need coverage until your children graduate from college or a particular debt is paid off, such as your mortgage.

In contrast, permanent insurance provides lifelong protection. As long as you pay the premiums, and no loans, withdrawals or surrenders are taken, the full face amount will be paid. Because it is designed to last a lifetime, permanent life insurance accumulates cash value and is priced for you to keep over a long period of time.

It's impossible to say which type of life insurance is better because the kind of coverage that's right for you depends on your unique circumstances and financial goals.

But remember, the best way to figure out the amount and type of life insurance that makes sense for your particular situation is to meet with a qualified and licensed life insurance professional.

Thomas Bradley Insurance offers insurance services in Madison WI, Middleton WI, Sun Prairie WI, Janesville WI, and Waunakee WI.

Common Life Insurance Questions:

What Is Life Insurance? 
The primary role of life insurance is to provide funds for your loved ones upon your death. 

If the policy is in your name, the beneficiary of your choosing will receive a certain amount of money based on the value of your policy. It provides for your loved ones’ financial needs when you can no longer do so. 

The insurance benefit might help survivors pay for the following expenses: 

What Policy Options Exist? 
Everyone has different life insurance needs. You’ll most likely be able to choose between two types of plans. 

• Whole-life policies remain active indefinitely, as long as you pay your premiums. Many offer cash-accumulation and interest benefits.

• Term plans last a set number of years. Coverage will issue payment if you die during the term.

Understanding what type of policy may be best for you can be difficult. The agents at Thomas Bradley Insurance will help you select a plan that will provide the optimal financial benefit to you and your loved ones. Depending on your unique situation, you may wish to speak with an attorney to establish trusts to facilitate proper payouts. 

Why Should I Get Coverage Now? 
Having life insurance coverage is critical no matter where you are in life. However, it’s typically more beneficial to get a policy sooner rather than later. Your age and health are two primary factors that are considered when an insurer underwriter determines your rates. Statistically speaking, the younger and healthier you are, the lower your premiums may be. However, every policy is different. Be sure to ask your Thomas Bradley Insurance agent to explain your premium rates for more information.  

Get Started Today 
Life insurance can provide incredible value and assistance to your loved ones after you pass. When it comes to your loved ones, nothing is more important than ensuring they’re cared for when you’re no longer able to do so. 

Don’t wait to get coverage. Contact one of our Thomas Bradley agents today at 608-845-7979 to explore your options.