Life Insurance

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Life Insurance Information

Life Insurance for Ohio Families

Keeping Families Close Through Comprehensive Coverage.

Getting married and starting a family is possibly the most exciting adventure of life. With everything so new and exciting, it’s easy to think disaster as a distant impossibility. Unfortunately, life happens, and you want to make sure your new family is covered for when you can’t care for them.

How Does Life Insurance Work?

When you purchase life insurance, you are essentially paying for a “death benefit.” A death benefit is the amount of money given to your beneficiaries in case of your death, so that your family isn’t immediately left struggling for money after your income is gone. You can have more than one beneficiary, as well. You can either pass the money down through your family with “per stirpes” or split the money evenly between your beneficiaries with “per capita.”

The different types of life insurance you can buy include:

  • Term life insurance: Term life insurance provides insurance for a set period of time.
  • Whole life insurance: Whole life insurance provides insurance for as long as you live.
  • Universal life insurance: Universal life insurance provides insurance for as long as you live but allows more flexibility in premium payments and coverage than whole life insurance.

Should I Buy Term or Whole Life Insurance?

Deciding between term and whole life insurance depends entirely on you and your family’s needs. Term life insurance is useful for specific amounts of time, such as if you only want insurance until your children go to college. Whole life insurance is a sort of one-and-done deal where you buy a policy to cover you and your assets for as long as you live. Deciding which insurance is best for your needs should be discussed with your family and your agent. Get in touch with an agent at M&M Insurance at (440) 729-7600  today or fill out a free life insurance quote form.

Is Life Insurance Taxable?

The beneficiary that receives the money does not typically have to report the money for tax purposes. Interest gathered over time on the money is taxable, however.

How Much Does Life Insurance Cost?

In 2019, the average monthly cost for a 25-year-old nonsmoker was $25.67. For smokers, this average jumped to $86.23. The younger you are, the cheaper your life insurance rates are typically going to be. Get started early so you can make sure you’re covered and versed in life insurance to know when you’re being charged too much.

Let Us Help

At M&M Insurance, we understand the importance of protecting your new life. Call us at (440) 729-7600 or visit our office to speak with a knowledgeable agent about protecting your family as you take on new adventures.