CLARION, Pa. (EYT) – We know life insurance isn’t an easy topic to discuss so Burns & Burns talked to their associates from the Auto-Owners Life Insurance Company to answer some FAQ’s about how life insurance works.
How does life insurance work?
Essentially, you pay for a life insurance policy, and when you die, that policy will pay the designated individuals or organizations (beneficiaries) the dollar amount specified (the death benefit) within the provisions of your policy.
The death benefit, for a personal policy, is often used by surviving family members to help cover funeral expenses, pay off debts and help replace lost income. Depending on how the policy was set up, the funds may also help pay for a dependent’s education and other legacy planning priorities specified in their trust.
Some important variables to consider when choosing a life insurance policy include:
- How long you need to be insured
- The amount of the death benefit
- Whether or not the policy builds cash value
- How long you are required to pay for the policy
Depending on your life stage, certain types of coverage may be more appealing to you. So, explore the options out there, which include three types of coverage:
- Whole Life Insurance policies
- Term Life Insurance policies
- Universal Life Insurance policies
If you’re thinking of purchasing a life insurance policy, which we highly recommend, Burns & Burns Insurance can help! Call 814-226-8041 or visit our website at www.burnsandburns.com to learn more and keep you and your loved ones protected!
Burns & Burns is a 4th generation independent insurance agency with 9 branches across Northwestern Pennsylvania. These branches include Clarion, Bradford, Clearfield, Erie, Meadville, Mercer, New Wilmington, Tionesta, and Warren. The full-service agency celebrated their 80th anniversary in business in 2019. Representing over 60 insurance carriers, Burns & Burns is licensed to offer many lines of coverage, including auto, home, life, business, health, Medicare, workers’ compensation, bonds, benefits, pets, events, weddings, and more! With over 900 combined years of experience, Burns & Burns is sure to find you the right fit for your insurance needs.
Visit Burns & Burns Facebook page or website for more information or a free quote!
Copyright © 2024 EYT Media Group, Inc. All rights reserved. Any copying, redistribution or retransmission of the contents of this service without the express written consent of EYT Media Group, Inc. is expressly prohibited.
