Best Life Insurance Companies in Lakewood

Frequently Asked Questions

• Are there any life insurance products in Lakewood that have an investment component?

  Yes, there are certain permanent life insurance products in Lakewood that contain an investment component. Variable and variable universal policies cover the insured's entire life and have both a cash value and an investment portion for those who wish to extend their portfolios beyond conventional money-growing options.

• In Lakewood, what is the difference between whole life and universal life insurance?

  In Lakewood, a whole life insurance policy is a permanent product that covers a person's entire existence, has cash value, and has premium payments whose values are unchanging and inflexible once set. Universal options are essentially the same, but the premium costs are flexible and adjustable based on income and paying ability.

• How can residents of Lakewood lower their life insurance premiums?

  Residents of Lakewood may lower their life assurance premiums by being healthy and refraining from hazardous hobbies and vices such as smoking. Being in the correct weight is also helpful, as insurers are looking for clients who are far from death and likely to live for a long period.

• Why is it safer to get insured sooner rather than later in Lakewood?

  The older a person gets in Lakewood, the more expensive life insurance gets. Insurers are reluctant to give lower rates to the elderly because they are statistically very close to death and payouts will be due before enough premiums have been extracted to make the contract worthwhile for the company.

• Who should get life insurance in Lakewood?

  In Lakewood, those who need to get life insurance extend to those on whom others depend upon for support and care. The policy serves as a safety net in case the insured dies and ensures those left behind will have enough cash to carry on their daily lives even if their benefactor passes.

• Which is better, term or whole life insurance?

  Life insurance is a personal financial tool, so the right type of insurance for you depends on your goals and current situation. One of the main differences between term life insurance and whole life insurance is that term life insurance only covers you for a set period of time. Once you meet the premium payment requirements on a whole life plan, it covers you for the rest of your life. Whole life insurance also builds cash value, making it a potential investment. But whole life insurance is typically much more expensive than term life insurance.

• How much life insurance do I need?

  A common recommendation is purchasing life insurance that is equal to five times your current salary, or more. But you can also estimate how much life insurance you need by adding up your debts, annual expenses for dependents multiplied by the years you want to ensure support, and any other items you wish to cover, such as a future wedding or college tuition.