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Senz Insurance Agency, Inc.

630 E Grand Avenue
Beloit, WI 53511

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Rarely Known Benefits of Life Insurance

Senz Insurance Agency Inc. is pleased to serve the Beloit, WI, area with a range of loss prevention and insurance products. Our focus is on auto, home, life, and even business insurance.

Of those, life insurance may be considered the most straightforward. However, many life insurance policies have hidden benefits that many are not aware of. Here is a closer look.

Accidental death benefits.

Many life insurance policies will pay a multiple of their death benefit should death occur by accident.

Loss of sight or limbs.

Some life insurance policies provide benefits should the insured suffer the loss of a limb or vision. Most aren’t aware of this hidden benefit.

Waiver of premium benefit.

A waiver of premium benefits takes over the premium payments for an insured when certain conditions, like a disability, occur. This can be very valuable should an accident or illness make it difficult to keep up with life insurance premium payments.

Guaranteed insurability.

Some life insurance policies may contain a provision that guarantees the insured can purchase additional coverage even if health issues may otherwise prevent it.

Cash value.

Whole-life insurance or permanent insurance may build cash value as the years pass. This value can be tapped into in the future for opportunities or to overcome financial challenges. It can also be used to purchase paid-up insurance.

Get a life insurance policy review.

Does your current policy offer any of these benefits? We can let you know with a free life insurance review from Senz Insurance Agency Inc. of Beloit, WI. If you currently don’t have life insurance or if coverage is inadequate, we can also help with a price quote. Reach out to us today and enjoy life insurance’s benefits and peace of mind.

Term Versus Whole Life Insurance

Navigating the world of life insurance can be confusing, complex, and filled with hidden traps. We often receive many questions from our clients about whole versus term life insurance. Our team of experts at Senz Insurance Agency in Beloit, WI can help you determine which route is best for you. Learn more about how they differ below.

How Are Term and Whole Life Insurance Different?

While both term and whole life insurance aim to provide financial security for your loved ones in the aftermath of your demise, the scope and duration of coverage sets them apart. Think of term insurance as renting a house, where you pay a fixed premium annually for a specified term, be it 10, 20, or 30 years. This policy purely provides death benefits and comes to an end if you outlive this period. Unlike term policies, however, coverage under a whole life policy isn’t time-bound and extends over your entire lifetime.

What makes whole life insurance stand out from its counterpart is its cash value component, which behaves like a tax-deferred savings account. A percentage of each premium payment adds to this fund which grows over time on a tax-deferred basis. If strategically planned, this pot can be used during one’s lifetime to finance endeavors such as children’s education or even retirement planning. While both forms have their unique attributes and benefits, aligning them with individual needs would pave the way toward sound financial planning. Ultimately, you can decide which plan works best for you.

Schedule A Consultation Today

Whether you choose whole or term life insurance, the professionals at Senz Insurance Agency are here to help. Our agents are here in Beloit, WI to help you find a quality life insurance plan.

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