Life insurance is one of the best ways to protect yourself and your family from financial losses resulting from unprecedented events. There are many types of insurance. Some types of insurance like auto insurance are compulsory in most states, including Minnesota. Life insurance, on the other hand, isn’t mandatory but that doesn’t mean that it’s not important. In fact, life insurance is one of the most critical coverages one can carry.
A life insurance coverage is a contract between the insured (you) and the insurer (carrier). When you purchase a life insurance policy, you agree to make timely payments to the insurer, and in exchange, the carrier agrees to make a lump sum payment to your beneficiaries upon your demise. Usually, the policy is customized to meet the needs of the policyholder. If you want to ensure financial security for your dependents in the event of an untimely demise, get a life insurance policy from a reputable provider such as Selective Insurance Agency.
There are many types of life insurance policies. You can choose the type of coverage you want based on your needs and those of your loved ones. Permanent insurance, such as whole life or universal, generally provides lifetime protection. Term life insurance, on the other hand, provides coverage for a given period of time. Death benefits, or cash settlements from the death of the policyholder, are exempted from income tax for all types of life insurance coverages.
Selective Insurance Agency provides life insurance coverage for Minnesota residents. There are many types of life insurance coverages to choose from, including whole life, universal, and more. Whatever your goal is, you will find the appropriate life insurance coverage. Visit our offices or give us a call to speak to one of our agents if you need more information on our life insurance policies.