Individual Life Insurance

Solutions to ensure your loved ones have what they need.

Individual life insurance provided by Strickler Insurance.

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Get the life insurance you need from Strickler Insurance. Overlooking life insurance is a big mistake. Getting life insurance will protect your loved ones and help protect their future even after you die. Learn more about life insurance and the different types of life insurance.

 

What Is Life Insurance?

Life insurance is an insurance designed to protect your family from financial burden if you were to suddenly die. This is a way you can make sure your family’s future is protected even if you are not there.

What Does Life Insurance Cover?

Life Insurance covers any financial costs upon your death. A lot of times a life insurance is a direct lump sum payout. This means that life insurance covers almost anything. Life insurance covers any debt you might leave behind, it can cover funeral costs, or any remaining mortgage payments. It is designed to cover your family’s future.

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Life

Providing for Your Family

Risk Factor

Raising a child can be a rewarding life experience, but it is also very expensive. It costs hundreds of thousands of dollars to raise a child to age 18, with college tuition, fees, room, and board resulting in another potentially enormous expense. If you were to die tomorrow, would funds be available to provide for food, clothing, day care, and educational expenses for your child?

Solution

Having life insurance could secure the future for your children if you have an untimely death. With a life insurance policy, there could be enough income to help pay for everything your child might need while growing up.

Mortgage Payments

Risk Factor

After your death, any outstanding debt and financial obligations do not disappear. Your home is probably the costliest and most significant property you own. A mortgage payment is a large burden for a spouse or partner to carry.

Solution

A life insurance policy would allow your spouse or children to pay off your outstanding debts and spare them the stress of making monthly payments on the home.

Auto Payments

Risk Factor

Many families lease or finance their automobiles these days. If the primary earner in the family were to die, the family could be left with outstanding car payments for years to come.

Solution

A life insurance policy would allow your spouse or children to pay off your outstanding debts and spare them the stress of making monthly payments on your car(s).

Funeral Costs

Risk Factor

An average funeral can cost tens of thousands of dollars, and that's without unnecessary options or luxurious services. A death in the family is stressful enough; why add the hefty bill of a funeral to that stress?

Solution

A life insurance policy can easily cover the cost of a funeral. Your family will be able to think of you and have peace of mind without being burdened by funeral costs.

Protecting Your Retirement Savings

Risk Factor

Once you retire, you will be living off social security, and if you are lucky to have them, a pension or retirement fund, too. But what if the surviving spouse has been relying on you to fund retirement for the couple? Premature death of an earner can affect sources of retirement benefits such as Social Security.

Solution

Life insurance can help support a surviving spouse during their retirement.

Protecting Your Small Business

Risk Factor

If you passed away, would your business suffer? There are many complications and financial issues that can arise due to the death of a business owner. Many people overlook this predicament.

Solution

A life insurance policy can keep a business moving along even during tough times, such as the loss of the business owner/partner. Key person life insurance is payable to the company and provides money for training and hiring of a new employee. A buy-sell agreement, funded by life insurance, allows the other partners in the business to buy the deceased’s share of the business, which will provide money for his or her family.

Spousal Support / Income Replacement

Risk Factor

Many people mistakenly think that they don’t need life insurance if they don’t have children or if their children are grown. However, your financial responsibilities fall to your family when you are gone.

Solution

Life insurance can replace the income you would usually bring in and help support your spouse or adult children, ensuring your loved ones are able to maintain the lifestyle they're accustomed to.

What Are The 3 Types Of Life Insurance?

The three types of life insurance are term life insurance, whole life insurance and universal life insurance. In each of these three forms of life insurance 

Term Life Insurance

  • What Is Term Life Insurance?

Term life insurance is set for a fixed amount of time. Essentially the idea behind the coverage is you pay a premium during a set amount of time, and that premium will increase as the risk of death increases. Let’s say your life insurance term is for 20 years. If you die within that 20 years you will receive the full payout from the term life insurance policy. If you do not die within that fixed 20 years, you receive nothing.

  • Why Would I Get Term Life Insurance Instead Of Whole Or Universal?

Most people get this life insurance because it is cheaper or they have children. While term life insurance is not an investment you can receive a payout for before you die, it protects your family if you were to suddenly die.

Whole Life Insurance

  • What Is Whole Life Insurance?

Whole life insurance does not have a set term or timeframe. Essentially you will pay a fixed amount until you die and receive a payout upon your death. In certain whole life insurance policies you can make an early withdrawal before you die but this can either cancel out your life insurance from continuing or severely deplete the final payout.

  • Why Would I Get Whole Life Insurance?

Whole life insurance is commonly purchased because it has the flexibility of being an investment and not just financial protection from your death. Whole life insurance is a great life insurance option that can provide the protection you desire with financial benefits in the future.

Universal Life Insurance

  • What Is Universal Life Insurance?

Universal life insurance is essentially a mix between whole and term life insurance, but you have more flexibility. Universal Life Insurance can act almost like a loan at some points where you take a portion out when needed and pay it back later. 

  • Why Should I Get Universal Life Insurance?

Universal life insurance is designed for someone who is looking for complete flexibility in their life insurance. Be sure to speak with your insurance provider to learn what would be the best life insurance for your personal life and situation.

Do I Need Life Insurance?

There are benefits to getting life insurance at a younger age, but there is a greater need for life insurance when you become a parent, or a homeowner. Remember the whole purpose of life insurance is to pay for or provide funds for your family if you were to suddenly die. If you were to die and not have life insurance would your husband or wife be able to afford your home or mortgage? Would they also be able to raise your children?

Another thing to consider is if both you and your spouse were to die, what happens to your children. If you and your spouse both have a life insurance policy you can make sure your children’s future is secure and financially protected.

Get Life Insurance From Strickler Insurance

Strickler Insurance is located in Lebanon Pennsylvania. Get your Life insurance in Lebanon PA, Pennsylvania or one of our neighboring states. At Strickler we hope to provide the best Life insurance possible. We provide Life coverage in New Jersey, New York, Maryland, Delaware and Virginia. Contact us today for a free Life insurance quote!

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