Life Insurance in New Mexico

Forty percent of Americans lack a sufficient amount of life insurance while eighty-four percent believe that people should have life insurance, but sixty-eight percent think that life insurance is not necessary for themselves. What people fail to realize is that there are life insurance plans available that will meet all of your unique needs. Franklin Insurance Agency in Rio Rancho, NM can advise you about your life insurance options. We recommend that all residents of New Mexico with life insurance review their plan with an agent to take into consideration any income changes and changing needs.

What are my Life Insurance Options?

The types of life insurance policies include Term life insurance, Whole life insurance, and Universal life insurance. A Term Life Insurance plan is the most popular choice for a young family that is in good health. Life insurance can be purchased for a fixed period, be a paid out as a death benefit, or treated as a savings or investment plan terminated upon a person's death. In this instance, a fifteen to twenty-year term would be a strategy to pay for college expenses if you have young children and the policy can be renewed.

A form of permanent life insurance is Whole Life Insurance which has the qualities of an investment. It has a savings component and thus a cash value. If the cash value is not used during your life, it can be added to your death benefit. No medical exam is required.

Unlike Whole insurance or Term insurance, Universal Life Insurance offers adjustable premiums. With this form of insurance, by over funding the policy, you have the opportunity of increasing the death benefits. You can build up cash value quicker than whole life. Universal Whole life makes investments are more attractive because the investment is tax-deferred and the cash value gains interests. The interest can be applied to the future cost of the life insurance policy.

The agents of Franklin Insurance Agency in Rio Rancho, NM will point you in the right direction depending on your insurance needs, please call and make an appointment!