Life Insurance in Worthington, OH & Delaware, OH

Life insurance may prevent your family or anyone who relies on you financially from being overwhelmed with expenses when you pass away. If you die while the policy is active, your insurer may give your chosen beneficiaries a lump sum of money. This money, called the death benefit, can be used to cover living expenses like rent, groceries and utility bills.

What Type of Life Insurance Do I Need?

Different types of life insurance policies provide different benefits. Before selecting a plan, it’s essential first to understand the two main types:

• Term life insurance may cover you for a certain number of years, usually between 10 and 30. In return, the insurer may give your family a lump sum of money (death benefit) if you pass away during that time. This money is usually tax-free. Your coverage stops when the term ends, at which point you can either go without life insurance or get a new policy, but it will likely cost more because you’re older. Some insurers allow you to switch your term policy to a permanent one during the coverage period.
• Permanent life insurance may last your entire life as long as your premiums are paid. This policy allocates a portion of your premium to a cash value account that grows over time. This cash value may be used to withdraw cash, take out a loan or pay premiums. You may also cancel the policy and get the cash value back. Permanent life insurance is usually more expensive than term life insurance.

What Does Life Insurance Cover?

The death benefit from your life insurance policy may be used to cover various financial obligations, including the following:

• Mortgage, loans and other outstanding debts
• Daily living expenses
• Children’s or dependents’ education expenses
• Funeral costs and other end-of-life arrangements
• Other future financial goals

Secure Your Family’s Financial Future

Contact Ankrom Agency today to learn more about life insurance. Our insurance professionals can assess your coverage needs and recommend the best life insurance options for you.