Welcome to the life insurance area of our Web Site. This section covers the basics of life insurance and also lets you get an immediate quote on term life insurance and start the application process online. You can also get a quote on other forms of life insurance by completing and submitting the appropriate requests.
Life is unpredictable, but one thing can be done with certainty: Buy life insurance. Life insurance can ensure that your loved ones receive financial support after you die. The agents at Lohman Companies can help you find the right life insurance plan to help provide for your beneficiaries after your death.
What Are the Principal Types of Life Insurance?
Two types of life insurance are commonly purchased:
- Term life insurance provides a benefit to your beneficiary if you die during the policy’s term. This term may be a period of 10, 20, 30 or more years, depending on the policy’s expiration date. If you don’t die during this time, the policy doesn’t pay. You need to reapply for a new life insurance policy to continue coverage.
- Whole life insurance lasts for the remainder of your life once you’ve enrolled. The policy won’t expire unless you stop paying it. This plan also offers a cash value investment opportunity; the cash value component can be a source of income while you’re alive (in addition to the eventual death benefit).
Some people also choose other types of life insurance:
- Final expense insurance
- Group life insurance
- Individual life insurance
- Key person insurance
- Long-term care insurance
- Mortgage protection insurance
- Second-to-die policy
- Universal life insurance
We can help you explore your life insurance options to choose suitable coverage.
How Does Life Insurance Work?
Typically, you and your insurance agent will work together to determine your needs. Your premium will depend on your policy, risk, and health. Policy terms may vary but typically pay out when you die. Your chosen beneficiaries will receive this death benefit.
What Does Life Insurance Cost?
Life insurance varies from person to person, as do the costs of policy premiums. Factors such as age, income and coverage can impact premiums. We can review your policy to help you get affordable coverage.
Protect Your Loved Ones
Life insurance is essential coverage to have. At the Lohman Companies, we can show you how life insurance can financially protect your loved ones after you no longer can. Call us today at 309-764-8331 to get started.