At Crystal Insurance we offer industry-leading Life Insurance policies at competitive prices in Washington DC and the surrounding areas. We are committed to helping you find the right policy for you, at the right price.

Life Insurance Basics Explained

While no one likes to think about dying, it will happen. One of the best things you can do for your family is to make sure they are taken care of financially in your absence. Even if you have savings in place, you should also have life insurance. For many people, simply put off getting it due to thinking they will live a very long time, or they cannot afford another expense right now. Others are overwhelmed when they look at life insurance, so they do not get anything in motion. If not now…when?

There are quite a few variables in place with it that allow you to customize the type of plan that you need for coverage. This makes understanding life insurance easier. For example, there is life insurance that you can cash out at some point while still alive. Others will only be paid to your beneficiary upon your death. When you die, life insurance can be used to pay for the cost of the funeral. The remaining money will be what the beneficiary you have selected is entitled to.  There are several types of life insurance such as Term Life Insurance -- these types of policies allow you to purchase coverage for a specific term and essentially give you the opportunity to purchase large amounts at a lower cost and is usually the perfect type of policy for newly formed families with big needs and smaller budgets.  Another type of product is Universal Life which is a permanent life policy with a lot of flexibility in that it can allow you to purchase a large amount at a fixed rate and if your needs change or your budget suddenly changes you can make changes to your the amount of coverage and/or reduce or stop payments on a temporary basis without losing your policy.  The other type of permanent life insurance policy is Whole Life Insurance which offers permanent coverage but does not provide the flexibility provided in a Universal Policy.  Many permanent products today can be used to help provide Long Term Care Coverage or Disability Income by including necessary endorsements which end up saving you the headache of buying separate policies that you may or may never end up using.

There are many things that must be looked at to determine if you qualify for life insurance and if you qualify at what rate.  Factors include your health, if you smoke, your weight, and more and these will determine if the company accepts you or not. Age and health also influence the cost of the monthly payment.  Many of us hear the ads on tv mentioning you can get $500,000 in coverage for only $10 per month – bear in mind that these teaser rates are usually referencing bare-bones coverage such as a 5-year term policy for a non-smoking 22-year-old female in perfect health.  Unfortunately, most people will probably either not qualify or will need additional coverage, and the only way you will know what your true rate can be is by choosing the right type of policy for your needs, doing the necessary price comparisons, and then submitting the necessary application for coverage – we can help you navigate the entire process.

It is a good idea to think about what you would like to have in place. These life insurance basics including the amount of payout you would like for the beneficiary influence cost. The higher the payout, the higher the premium. The younger you are when you get the life insurance in place; the less it will cost you. There are even programs that allow parents to start a life insurance plan for a child. Then they can continue it as an adult.

Now is the time to find out what is offered. You can get no-obligation quotes for life insurance so that you can see what you can afford. If the premium is too high, consider lowering the dollar amount of coverage. If you need help understanding life insurance, ask questions. A professional broker will be able to answer all of them for you.

To discuss your needs for Life Insurance in the Washington DC area contact Crystal Insurance Agency or request a Life insurance quote online.