Life Insurance

If you want to ensure that your estate plan includes financial protection for your loved ones, you may wish to consider adding life insurance. A life insurance policy can give your family financial security and potentially provide an income source for you. 

Life insurance can give you peace of mind, and Wimmer Insurance can help you with a suitable policy to provide you with that security. 

What Is Life Insurance?  
A life insurance policy is a contractual agreement you have with an insurer. In exchange for your premium payment that you make regularly, your insurer agrees to pay the amount allocated in your policy to your beneficiaries following your death. 

What Are the Main Types of Life Insurance? 
Most life insurance policies fall into two categories of insurance: term life and whole life. 

Term life insurance provides money to your beneficiaries if you die during your policy’s term—perhaps a period of 10, 20, 30 or more years. However, your policy won’t pay out the death benefit if you don’t die during this period. At the end of the policy’s term, you can often either reapply for a new policy or waive continued coverage. 

Whole life insurance is a policy that lasts for the remainder of your life once you’ve enrolled; your policy won’t typically end unless you stop paying it. This type of insurance may also have a cash value component, which you can borrow against and use as a source of income while you’re alive, and the eventual death benefit.  

Although term and whole are the two main types of life insurance, other types of coverage may be available. We can explore these different types of life insurance and help you find a policy.  

How Does Life Insurance Work? 
All insurers have their processes when selling life insurance. Typically, you’ll meet with your insurance agent to discuss your coverage options and the type of insurance that suits your needs. Afterward, you’ll go through the underwriting process. As part of this process, a third-party administrator might give you a physical exam to assess your risk and health; this helps to determine your policy premium. Afterward, your agent will contact you with more information about the policy they may be able to offer and what the policy may cost. If you decide to purchase the policy, you’ll begin to pay a set premium until the end of the policy term (if a term life policy) or your death (if a whole life policy).  

What Does Life Insurance Cover? 
Life insurance typically covers various causes of death. Still, each insurance company operates differently, with its own exclusions for causes of death so that they may deny a claim. Discussing your policy and your insurer’s exclusions is a good idea so that you know what is and is not covered under your specific policy. 

Protection for You and Your Loved Ones 
Wimmer Insurance provides the Detroit Lakes and Moorhead, Minnesota, and Fargo, North Dakota, communities with various insurance solutions. Call us at 218-847-5703 for a life insurance policy that protects you and your loved ones.