Category: Life Insurance

When you are looking for life insurance, you will be faced with the option of term life insurance and whole life insurance. The differences can sound confusing at first.

At Hausmann Insurance & Financial Services, we want Charlotte and Waxhaw, NC residents to get the right life insurance coverage for their needs. 

Learn about the difference between term life insurance and whole life insurance here.

Term Life Insurance

Term life insurance is a simplified life insurance policy that is active for a set number of years, or a term. It could be a five-year term, 10-year term, or 20-year term. 

If you pass on before the term ends, the coverage is paid out in one lump sum to your beneficiary. If the term ends before you pass, you can then convert your policy to more permanent life insurance or renew it depending on your circumstances at the time.

An insurance agent and broker can help you to determine the needs of your beneficiary, and how long your term should be, as well as how much coverage you should have. For example, a $500,000 life insurance policy on a 10-year term would give your beneficiary $50,000 a year to live on for 10 years.

Whole Life Insurance

Whole life insurance is a type of permanent life insurance that does not have a term. It lasts for the rest of your life or as long as you pay premiums on it. Some whole life insurance policies have a cash-value amount, where you can cash out some of your life insurance before you pass away.

Some of your premiums go into a separate account, and after a certain amount of time paying will be eligible to cash that out or withdraw it. You can also borrow against the account.

Get a Quote

When you are purchasing life insurance, you will need to talk to an agent to get the right quote and information on what kind of policy is best for you. Both have their benefits and advantages. At Hausmann Insurance & Financial Services, we want Charlotte and Waxhaw, NC residents to get the right life insurance product for their lives. Call us for a quote today.

Life insurance is crucial in safeguarding your loved ones financially if a tragedy strikes. Unluckily, many Charlotte and Waxhaw, NC residents, like many Americans, go without it. Statistics demonstrate that nearly half of Americans don’t have life insurance coverage. Most people assume life insurance is expensive, unnecessary, or don’t know the insurance plan’s benefits. 

If you are unsure if you need to invest in life insurance, hang on as Hausmann Insurance & Financial Services demonstrates why life insurance is a worthwhile investment. 

Protects your dependents

A life insurance policy is an ultimate protection against losing the insured’s income upon his demise. The beneficiary receives the benefits, getting cushioned against financial difficulties after the policyholder passes away. 

Covers your debts

Life insurance pays for your mortgage, credit card, or student loan when you die. Instead of burdening your spouse or cosigners with financial liabilities when you die, purchase life insurance.  

If you have a business

Life insurance protects your business partners and employees when you die by replacing your financial contribution. 

Life insurance covers final expenses.

Many Americans have inadequate savings to cater for emergency expenses, signaling a financial burden in settling funeral expenses. This policy pays for burial costs without beneficiaries having to dip into their savings.

Life insurance can supplement your retirement savings

If you procure whole, universal, or variable insurance coverage, it accumulates cash value in addition to providing death benefits. This cash value builds over time, and it can cover expenses such as purchasing a house.

Buy life insurance today!

Not only does a life insurance policy support your beneficiaries after your untimely death, but it carries other benefits even for persons without dependents. Are you searching for life insurance in Charlotte, Waxhaw, NC, and the surrounding areas? Feel free to contact us or visit our offices at Hausmann Insurance & Financial Services for a comprehensive life insurance policy.

What Life Insurance is right for you?

Financial planning is probably not at the top of your to-do list, but we all know how critical it is to create a plan. Part of a complete financial plan should include life insurance. If you’re the primary breadwinner and an accident occurs that causes you to be unable to take care of your family financially, life insurance could then step in and help your family make ends meet. There are several various plans of life insurance plans available. An insurance professional at Hausmann Insurance & Financial Services will take the time to go over the available options with you to help you find a policy that may work for your situation. Hausmann Insurance & Financial Services serves the Charlotte and Waxhaw, NC community and is ready to help you navigate life insurance plans available to you and your family.

Don’t leave your family out in the cold.

Life insurance plans are available in many forms. The two main policies people tend to purchase are Permanent Life and Term Life. Term life covers a specified length of time, generally in 10, 20, or 30-year lengths. If you die within the coverage period of your plan, your beneficiaries will be paid. If you don’t use the policy before it expires, you can purchase into another program or switch to a Permanent Life plan. Permanent Life usually has a higher associated cost, though it offers more features. 

What are your options? 

When you decide that it’s time to look at life insurance options, the agents at Hausmann Insurance & Financial Services are ready to help you through the various plans and make the process as easy as possible. If you’re in the Charlotte and Waxhaw, NC community, stop by the office. If not, give us a call today.