Giving You Peace of Mind with the Best in Life Insurance Products
Life Insurance
Life insurance policies offer financial support to your family and loved ones upon your death. These plans are contracts between you and the insurer, where the insurer pays a specific amount of money to your beneficiaries.
There are many different types of life insurance policies. At Garrett Insurance, we offer a variety of plans to give you peace of mind.
Disability Insurance
Disability insurance provides financial coverage if you become injured or sick to the point of being unable to work. This is an important insurance policy to have if you or your family rely on your income. These policies can be either short-term or long-term.
Individual Life Insurance
There are two types of individual life insurance policies: term and permanent.
Term life insurance provides coverage for a predetermined period, while permanent life insurance covers the duration of your life.
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Group Life Insurance
Employers can purchase group life insurance policies for their employees. Group life insurance saves money because the premiums tend to be lower than for individual policies.
Key Person Insurance
Key person insurance provides businesses with financial support if an important employee dies. These policies can help businesses continue to operate when losing that key employee would have otherwise caused significant financial losses.
Long-Term Care Insurance
If you suspect you may need assisted living or nursing home care at some point, you may need a long-term care insurance policy. This policy can cover those costs, which tend to be exorbitant.
Mortgage Protection Insurance
Mortgage protection insurance is designed to pay off your mortgage upon your death. These insurance policies help provide financial security to your family by ensuring they are not burdened with your mortgage payments if you pass away.
Second-to-Die Insurance
A second-to-die insurance policy is usually purchased by married couples, though it can apply to other family members or partners. This policy pays a death benefit after two people pass away. The payouts usually help cover expenses like estate taxes.
Life Insurance
At Garrett Insurance, we understand life insurance is an important consideration when planning for the safety and security of you and your loved ones. Contact us today to speak with one of our experienced representatives about life insurance.
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Frequently Asked Questions
What is life insurance and how does it work?
Life insurance is a contract where the insurer pays a designated beneficiary a lump sum death benefit upon the insured person’s passing, usually in exchange for premium payments. The policy may also include coverage for terminal or critical illness events.
What’s the difference between term life and whole life insurance?
Term life insurance provides coverage for a set period (like 10, 20, or 30 years) and pays a benefit if the insured passes away during that term. Whole life insurance offers lifelong coverage and includes a cash value component that grows over time, which can be borrowed against or used later in life.
Why might I need life insurance?
You may need life insurance if dependents rely on your income, or you want to cover final expenses, outstanding debts, or provide financial security for family or business continuity.
What types of life insurance are available?
Common types include Term Life insurance, which provides coverage for a set period, and Permanent Life policies (like whole, universal, or variable life) that remain active for life and often accumulate cash value.
How much life insurance do I need?
The right amount depends on factors like your debts, income replacement needs, mortgage and childcare expenses. Simple rules-of-thumb include multiplying your annual income by 10 or using the DIME method (Debt, Income, Mortgage, Education).
What is the 'free look' period for life insurance?
The ‘free look’ period is a short timeframe (typically at least 10 days) after receiving the policy during which you can review it and cancel for a full premium refund if it doesn’t meet your needs.
What is a Key-man insurance policy?
A Key-Man Insurance Policy (also called Key Person or Key Employee Insurance) is a life or disability policy a business takes out on its most essential employees. These key individuals, such as executives, founders, or those with unique skills, are critical to the company’s success. If the insured key person dies or becomes disabled, the insurance pays a benefit to the business to cover financial losses. This may include lost revenue, business disruptions, or costs of hiring and training a replacement. The business owns the policy, pays the premiums, and is the beneficiary. The payout can also help with debts, obligations, or reassure investors of the company’s stability.
OUR PROMISE TO YOU
- We will provide customized solutions and personalized products based on your needs.
- We will be available to you any time so getting important information will be easy for you.
- We will manage your risk as well as any claims that you file.
- We will ease your worry and protect your treasures by transferring identified risks to an insurance product, all the while keeping it simple to understand for you.
We welcome an opportunity to discuss your home insurance needs, so please contact us or give us a call. You can also request a quote if you’re ready to get started.