Life Insurance

Upon your passing, you want to ensure your loved ones have financial stability and access to the money they need. A life insurance policy is a great way to keep them safe and protected. Talking about life insurance never an easy discussion, but it’s a necessary one. 

If you live in or near Hammond, Louisiana, we can help you out. Our dedicated staff of insurance professionals at Protective Risk of Louisiana is here to assist you in securing an insurance policy to protect you and your loved ones. With a vast knowledge of our many carriers, we can help you find the best policy for your needs. Our job is to help you navigate the vast number of policy options and clarify any questions or concerns you may have along the way.  

For more information, call us at 985-542-4675 or request an online quote today. 

Common Life Insurance Questions  

How Does Life Insurance Work?  

You don’t want to leave your loved ones in a financial bind simply because you aren’t there to provide for them. Life insurance will help ensure this doesn’t happen.  

A life insurance policy allows you to designate a sum of money—a death benefit—to a designated beneficiary (usually a family member) upon your death. With access to life insurance funds after your death, your family will be able to move on with their lives without facing monetary troubles.  

How Many Life Insurance Policies Can You Have?

There aren’t laws limiting the number of life insurance policies you can have, but individual insurers may limit how much life insurance they will issue to a policy owner.

Some people choose to purchase additional life insurance policies as their needs change. Keeping older policies allows you to benefit from a lower premium in many cases, since younger and healthier people tend to receive lower rates for life insurance coverage.

If you think you may need more life insurance coverage than your current policy provides, contact your agent right away. Everyone’s situation is different, and purchasing additional coverage may provide the death benefit you need to provide appropriate financial support for your loved ones in the future.

How Much Life Insurance Do I Need? 

The amount of life insurance you need depends on numerous factors unique to your situation. The amount of money you are willing to spend on premiums, the future financial needs of your loved ones, the type of life insurance you want and your financial situation all play a role in calculating an appropriate amount of life insurance.

Talk with your agent to learn more about determining the right amount of life insurance.

What Is Whole Life Insurance vs. Term Life Insurance?  

There are two primary types of life insurance:  

Term life insurance. A term life policy provides a death benefit to your loved ones if you die during the policy’s term. This term might be a period of 10, 20, 30 or more years, depending on the expiration date of the policy. If you do not die during this time, then the policy does not pay. You will have to apply for a new policy if you want to continue to have coverage.  

Whole life insurance. Whole life policies last for the remainder of your life once you enroll. They will not expire unless you stop paying for them. Additionally, these plans offer cash value investment opportunities. The cash value component can enable you to receive a source of income during your lifetime in addition to the eventual death benefit.  

Several more specific policies also exist, including:  

·        Universal life insurance

·        Final expense insurance

·        Group life insurance

·        Individual life insurance

·        Key person (key man) insurance

·        Long-term care insurance

·        Mortgage protection insurance

·        Second-to-die policy

Speak to one of our agents to learn more about which type of policy is best for your needs.  

How Much Does Life Insurance Cost?  

Life insurance premiums vary based on multiple risk factors, including your age, income, chosen coverage limits and other demographic factors.  

Many people worry that they won’t be able to afford life insurance because they have a pre-existing condition or because they work in a high-risk occupation. This is not the mindset we take when working with our customers. Our priority is to make life insurance affordable and attainable for everyone, no matter where they are in their life.