Life Insurance in Prairie Village, KS

Life insurance can be a wise investment to help ensure your loved ones are financially provided for in the event of your passing. Understanding the benefits and options can help you make informed decisions about your financial future.

How It Works

This policy is an agreement where an individual makes regular payments known as premiums to an insurance provider. In return, beneficiaries can file a claim for the death benefit upon the insured’s death. Death benefits can be used to pay off existing debts, manage daily expenses, and handle funeral costs.

Types of Life Insurance

The two most common types of this policy are term and permanent; each offers unique benefits.

Term life insurance is appropriately named because it covers a specific length of time as outlined in the policy, typically between 10 and 30 years. It only pays out the death benefit if the insured passes away during that precious timeframe. Because of this limitation, it is typically more affordable than permanent life policy. However, some insurers may allow you to convert the policy once the term has expired.

Permanent life insurance is also named for its longevity. It typically lasts the insurer’s lifetime as long as they continue to make payments. It also often includes a cash value component that can be accessed or borrowed against. It is typically the more expensive option because of these added benefits.

How Much Does Life Insurance Cost?

The cost of this insurance can be influenced by the following factors pertaining to the insured:

• Occupational risks
• Coverage amount
• Policy type
• Lifestyle risks
• Medical history
• Current health status
• Age

Where to Buy Life Insurance

Contact Bovard Insurance Group today to discuss this insurance options. We can make recommendations based on your specific situation.