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Life Insurance

Life insurance may help cover future financial needs of your beneficiaries in the event of your passing. If you’re considering life insurance, Eric Dodge Insurance Agency in Longview, Texas, can help you understand your options and compare multiple life insurance quotes.  

How Life Insurance Works 

A life insurance policy is an agreement between you and an insurance company. You pay premiums—either regularly or as a lump sum—and in return, the insurance company agrees to pay a designated benefit to your beneficiaries upon your passing. This benefit is intended to offer financial support to beneficiaries during a challenging time. 

There are two main types of life insurance: 

  • Term life insurance offers coverage for a specific period. If you pass away during this term, the policy pays out to your beneficiaries. 
  • Permanent life insurance, including whole and universal life, offers lifelong coverage and may include an investment component that can accumulate cash value over time. 

How Much Life Insurance Do I Need 

Determining the right amount of life insurance coverage is crucial and depends on various personal factors: 

  • Income replacement—Consider how many years your family would need support and the annual amount required to maintain their standard of living. 
  • Debts and financial obligations—Include your mortgage and other debts secured by property you’d like your family to be able to keep. 
  • Future needs—Think about the cost of education for your children or retirement for your spouse. 
  • Childcare—At-home parents should think carefully about the services the other parent may need to hire in their absence, such as daycare, transportation and housekeeping. 

Contact Us 

Choosing the right insurer involves comparing life insurance quotes from multiple companies. Quotes can vary widely based on factors such as the type of policy, coverage amount, age, health status and lifestyle. Eric Dodge Insurance Agency can help you navigate these options and find a policy that aligns with your needs and budget. 

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