Jefferson City, MO Whole Life Insurance

Serving Jefferson City, Columbia, Osage Beach, Hermann, Fulton Missouri

Are You Committed?

If you are a spouse or a parent then you have made a commitment to provide for a family. Who is going to make sure your loved ones are looked after if something were to happen to you? Life insurance will help make sure your family is financially cared for even if you are gone.

Do you need life insurance?

  • The answer more than likely is yes:
  • Are you able to protect your loved ones financially if something were to happen to you?
  • If you own a business do you want to give your family the money they need to keep it in operation?
  • Is there a charity that you are looking to help?
If the answer is yes to any of these questions, then it is a good idea to get a life insurance policy.

Life insurance can help with the following to: 

  • Cover the cost of final expenses
  • Pay off debts
  • Allow the family to pay daily expenses including the mortgage and groceries
  • Pay for a child’s education or the retirement for a spouse
  • Donate the money to a charity
There are many ways that life insurance can help you take care of your family.

How much life insurance should you carry?

Everyone has unique needs and will need a different amount. There is are some basic things to look at:
  • Your life insurance should be seven times your income
  • You should take the money in your emergency fund and subtract your debts, mortgage payment, income replacement costs, funeral expenses, and education for your children. This is the amount of life insurance you may need.
  • To determine income replacement, your family will need around 70% of your income in order to keep their standard of living. You want enough insurance to cover this.
The very best way to determine how much insurance you need is to ask the life insurance professionals at Hutchison Insurance Group to help you make this decision.

Whole Life Insurance Aspects

Whole life insurance will cover you for the rest of your life. As long as you pay the premiums the policy cannot be cancelled.
 
  • You can pay for this policy annually, semiannually, quarterly, or on a monthly basis.
  • This policy has a fixed interest rate so you can earn cash value over time.
  • Before purchasing this type of policy, make sure you can afford the payments.
  • This life insurance can help you with future investments. It will provide future protections.

What to Expect with a Whole Life Policy?

This policy will allow you to take a loan against the cash value. How does this loan work?

  • The cash value is the collateral of the policy and no further qualifications are needed.
  • You must repay the loan and the interest.
  • If the loan is not repaid by the time you die, the balance will be subtracted from the benefits.
  • You may withdraw from the dividends of the policy with no penalty. You may reduce the cash value of the policy in the future.
Additionally, if you need to cancel your policy you will receive its cash value. This is designed for long term use. The earlier you cancel the policy, the smaller the cash value will be.

The professionals at Hutchison Insurance Group will help you determine what Whole life insurance policy is right for your needs. Hutchison Insurance will answer all of your Whole life related questions and give you a free quote!