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Deluxe Insurance Group

4515 E Superior St
Duluth, MN 55804

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How Whole Life Insurance Works

For many people who have people who depend on them financially, it’s important to always have life insurance. If you have been interested in getting a whole life insurance policy, it’s important to understand the benefits and the drawbacks of this type of insurance. It works very differently from term life policies. If you need life insurance, give us a call now at Deluxe Insurance Group (Duluth) in Duluth, MN.

Whole Life

This type of life insurance policy gets its name from the term that it’s good for your whole life. It is good for the rest of your life and will stay in effect no matter what your age as long as you keep paying for it as agreed. Many people find that this arrangement is perfect for them, as they don’t want to switch to another life insurance policy later. Because the policy stays good no matter what your age, these policies are more expensive. However, they remain a good way to get the coverage you can count on. 

Cash Value

Another benefit of this type of life insurance is that after a few years it starts to build a cash value. This is a valuable benefit, as you can borrow against the amount of this cash value. If you were to have a financial emergency down the road, this cash value could really come in handy. The loan is paid back just like any other loan, and the amount of the loan is deducted from the death benefit until the loan is paid back. 

Get Your Whole Life Insurance Policy

With so many benefits to this kind of life insurance, it’s no wonder that it’s a popular way to stay financially protected. When you want a life insurance policy, call us at Deluxe Insurance Group (Duluth) in Duluth, MN.

Important Life Insurance Facts

Luke Peterson Insurance is an independent insurance agency. We are committed to helping Altoona, IA residents find the coverage they need to navigate life’s risks. We work with different carriers across the state to give our clients a wide variety of options.

We look forward to assisting you.

Important Life Insurance Facts

With so many responsibilities daily, it may be difficult for you to start planning for the future. However, accidents can happen at any moment. During those times when an emergency occurs, obtaining insurance makes things easier. Life insurance is a common example. While death is an uncomfortable topic for many people, the policy helps alleviate some stress. If you pass away unexpectedly, your loved ones can use your life insurance policy to settle your affairs or continue to maintain the previous standard of living. You can help provide comfort during a difficult situation. Your loved ones may face complications making arrangements without the security a life insurance policy provides.

Term life insurance policies are common. These types of policies provide full coverage over a specified period. The average term length on most policies is 15-20 years. Whole life policies are another option. These policies allow you to maintain coverage throughout your entire lifespan. You can also pursue coverage through your employer. Remember that you may not receive the same benefits in a group policy that you would if you had your own individual policy. As you age and your life changes, you can adjust your coverage options.

Luke Peterson Insurance Will Help You Protect Your Assets

Visit our office in Altoona, IA to learn more about life insurance.

Essential Life Insurance Terminology Explained

Life insurance can be a confusing topic to figure out. Here are a few terms that will help you clearly speak the language of life insurance. For more details on these terms or on any other life insurance questions you have, trust the Deluxe Insurance Group (Duluth) serving Duluth, MN to meet your needs.

Accelerated Death Benefits: Benefits that are available before death. They might also be called living benefits and can often be accessed in the event of a chronic or terminal illness

Accidental Death Insurance: A frequent add-on to policies that are paid out if the insured person dies because of an accident

Annuity: This pays out a fixed sum of money to the policy holder at regular intervals

Annuity Certain: Pays an income for a pre-determined number of years and will then pay the beneficiary the remainder of the policy if the insured dies before the end of the term

Beneficiary: The person or people chosen by the policy holder to receive the proceeds from an insurance policy if the insured dies

Death Benefit: Amount of money paid out to a beneficiary after the policy holder dies

Living Benefits: Advance cash payment of part of a policy before the policy holder dies. Provides financial assistance to the insured before their death

Policy Holder: The person who bought or owns the life insurance policy

Rider: Can be purchased in addition to the life insurance policy to provide extra benefits to the insured

Term: The amount of time that the policy holder is insured

Underwriter: The person or company that decides if a potential policy holder is insurable

Now that you’re familiar with life insurance terminology, reach out to the team of professionals at Deluxe Insurance Group (Duluth) serving Duluth, MN to get answers to all your other questions!

What are my life insurance options?

Anyone that is in the Duluth, MN area should spend time thinking about their life insurance needs. This type of insurance is important because it would provide your dependants financial protection if you were to pass away unexpectedly. When you are looking for this type of insurance, you should consider the different life insurance options you have. 

Term Life Insurance

One type of life insurance to consider is term life. When you have a term life policy, you are given the ability to build a policy based on your personal insurance needs. This can include picking a term and coverage amount that is right for you. Once the term is over, the coverage will cease. This is often a good option as term life premiums tend to be less than the amount of coverage received.

Whole Life Insurance

Another type of coverage that you will need to consider is whole life insurance. With your whole life, your monthly payments tend to be more. However, there are benefits to whole life that are not matched by other policy options. When you get whole life, some of your monthly payment will go into an account that will accrue and build. At some point in the future, you can choose to liquidate the account. This can make it a good investment option, as well.

There are many different factors to consider when choosing a life insurance policy in the Duluth, MN area. Due to the complexity and importance of this type of insurance, you should call Deluxe Insurance Group. When you call Deluxe Insurance Group, the team can help you understand all of your options and get you into a policy that provides the right coverage. 

Partner Carriers

  • AAA
  • Acuity
  • Badger
  • Concord
  • Foremost
  • Grinnell
  • Kemper
  • Main Street America
  • MetLife
  • Nationwide
  • North Star
  • Progressive
  • Ram
  • Safeco
  • State Auto
  • The Hartford
  • Travelers
  • Woodland