Helpful Tips for Buying Life Insurance in Camp Hill, PA

There is no question that purchasing Life insurance in Camp Hill PA, can be a bit intimidating. There are a number of options to consider, and the idea of planning for death is not something many people like to think about. However, it is an essential step that all adults must take to protect their loved ones in the event of their death.

Find the Right Policy Type

When purchasing Life insurance in Camp Hill PA, for the first time, it is important to realize that not all policies are created equally. There are two primary types of policies: term and whole life. There are also a number of less common options, which include variable and universal life insurances. In order to be confident in the choice made, consider all the options.

Whole life insurance coverage will cover a person until the day they die. When they pass away, their beneficiary will receive the death benefit. However, with term insurance, a person is only covered for a certain period of time. If they outlive the term insurance, then no one will receive the death benefit. This is when the person has to decide if they want to purchase another policy or just do without it completely.

The Amount of Coverage to Purchase

In addition to the policy type, it is important to consider the total amount of coverage needed. There are some experts who have suggested it is important to choose a death benefit that is up to eight times as much as the person’s annual salary. This means if the person earns $100K per year, they should purchase a life insurance policy of $800K. While this is a good theory, not everyone needs to adhere for it. It is important to consider the budget of the person buying it. This will realistically determine what is affordable and what is not.

Farnham Insurance Agency offers more information about life insurance and the amount that a person needs to purchase. Taking the time to learn about the options that are available and what best suits a person’s budget will help them find the right coverage. Doing this will pay off and protect a person’s loved ones when they pass.

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