Professional Life Insurance Services for the Greater Baton Rouge Area

Losey Insurance & Financial Services provides life insurance services to residents throughout the Greater Baton Rouge Area. Our personable team members have decades of industry experience and professional qualifications.

What Is Life Insurance?

Life insurance is an agreement or contract you purchase through an insurance company that helps to provide financial security for your loved ones after your death. You are required to make payments throughout your life in order to keep the agreement intact. Premium payments ultimately depend on your age and health. After your passing, your beneficiaries will receive a lump-sum payment.

Why Should I Consider Life Insurance?

If you are expecting a child, already have children, or struggle with an ongoing or life-threatening disease, you should consider getting life insurance. In fact, you don’t necessarily have to meet any of the aforementioned criteria to purchase a policy. Because of the unpredictability of life and death, it’s wise to have a plan in place at all times. If not, you could leave your loved ones scrambling and financially unstable.

Although the main purpose of life insurance is to provide financial stability for your family, there are several other reasons you should consider purchasing a policy. Coverage can be used to accumulate cash, transfer wealth, build estate tax liquidity, as well as estate planning. Unlike personal insurance coverage, the benefits of life insurance may not seem immediate, but it is an essential safety net for you and your family.

What Type of Coverage Is Available?

The two main types of life insurance coverage available are term life and whole life. When deciding on a coverage option, you should choose the one that suits your current needs, as well as your ultimate goals. Term life insurance provides coverage for a set term, which can vary anywhere from five to 30 years. Premiums are relatively lower and rates can change after your term expires. There are several different types of term life options, including level-premium, annual renewable, decreasing, and return of premium. With level-premium insurance, the most common option, premiums remain the same throughout the duration of your plan.

Annual renewable term life, on the other hand, allows you to renew your policy every year. However, there is a potential for premium increases. Decreasing term life is one of the least expensive options. With this policy, your level of benefits would decrease over time, usually on an annual or monthly basis. The return of premium option can be a bit pricier, but for good reason. If you don’t pass away during the specified term, you are able to receive a refund of premiums.

Unlike term life, whole life insurance coverage is not restricted to a certain term. It lasts for the duration of your life. The premiums tend to be more costly than term life, but the value will likely be higher over the long run. Also, as long as your payments are consistently current, you are able to take out loans or withdraw funds from your policy.

Give Losey Insurance & Financial Services a call today at (225) 767-6745 to request a free quote for your life insurance and other insurance coverage needs.