Life Insurance

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Life Insurance in Utah

Life insurance is one of the most important elements of a comprehensive financial plan. With life insurance coverage, you are not only giving yourself the peace of mind your family is taken care of, but you’re also giving your loved ones the benefit of reducing their financial burden upon your death.

Don’t put off this conversation any longer. Let’s get you and your family set up with effective life insurance coverage so you can enjoy your life without worrying about what happens next. Contact ASA Insurance in Salt Lake City today to get started.

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    What Does Life Insurance Cover?

    Life insurance policies can be used to cover a number of costs following your death, including many that your loved ones would be left covering on their own otherwise.

    Your beneficiaries can use your life insurance coverage as they see fit, including for:

    • Funeral expenses
    • Remaining medical bills
    • Education
    • Estate taxes
    • Debts

    What are the Different Types of Life Insurance in Salt Lake City?

    There are several different types of life insurance to choose from depending on what suits your needs and the needs of your beneficiaries best. The two most common types of personal life insurance are whole life and term life insurance.

    Whole life insurance

    Whole life insurance is a form of permanent life insurance that comes with many benefits for the insured and their beneficiaries. Not only do these policies guarantee a death benefit for the lifetime of the insured, but they also have a cash value account for savings. Premiums for whole life insurance policies stay the same throughout the length of the policy. If the insured makes payments above their premium, these are credited to that cash value account where they earn a fixed rate of interest.

    Term life insurance

    These policies cost less than whole life insurance policies and they offer coverage at a fixed rate for a set period of time. If the insured dies during that period of time, then their benefits will be paid out. In many cases, these policies can be converted into more permanent plans, including universal or whole life insurance.

    There are also a number of other life insurance policies suitable for businesses to offer their employees. We look forward to discussing all of these options with you when you call us today.

    Life Insurance FAQs

    How much does life insurance cost in Utah?
    Life insurance policy rates vary from state to state. In Utah, the average policyholder pays $53 per month for their coverage. However, this will depend on their age, the specific type of policy they have, and many other factors.
    Do I need life insurance?
    Life insurance is encouraged for most adults, with a few exceptions.

    For example, if you are single, have no dependents, and have enough money to not only cover your debts but also your death-related expenses (including your funeral), then you might not need life insurance.

    But if you are married, have children or dependents, or debts, these are a few signs that life insurance is likely the way to go.

    What is supplemental life insurance?
    Supplemental life insurance offers you additional coverage over and above what your term life insurance policy includes. Many employers offer term life insurance to their employees. Then, if employees want supplemental life insurance, they can add it onto their policy and the premium can be subtracted from their pay.
    What does life insurance cover in Utah?
    Life insurance policy coverage varies from person to person depending on the specifics of their coverage. However, life insurance in general is meant to cover the financial results of your unexpected or untimely death, including funeral expenses. It also helps your dependents, including children and partners, survive without the income you provided while you were alive.
    Is life insurance worth it?
    For most people who have dependents or spouses, life insurance is more than worth it. You will need to consider your personal circumstances carefully, however, to ultimately determine if it’s right for you. We would be happy to talk about your circumstances and situation to help you make this decision with more clarity.
    What is universal life insurance?
    This is a type of life insurance that’s considered more flexible than other forms of coverage because you can vary your premium payments as well as the amount of coverage you have. This is a form of permanent life insurance coverage meant to last the lifetime of the insured. Further, it has an investment savings element because each month, the excess of premium payments above the current cost of insurance is credited to the cash value of the policy with interest.
    How to get life insurance
    Your first steps for getting life insurance involve adding up your expenses, including monthly household expenses, planned expenses, and expected one-time expenses (such as funeral costs).

    With this information on hand, you can contact a life insurance company in Salt Lake City such as ASA Insurance to find the right type of policy and coverage for you. Your insurance provider can guide you through your next steps, including any other information they will need to explore your options.

    How does life insurance work?
    In its simplest form, life insurance is a contract between the insured and the insurance company. In exchange for your monthly insurance premium, the insurance company will pay out a lump sum (death benefit) in the event of your death.

    Then, your beneficiaries (perhaps your children or spouse) can use that money as they see fit, including for their daily expenses and your funeral expenses.

    We’re Not That Far Away!

    For all of your life insurance needs, ASA Insurance in Salt Lake City is just a phone call away! We’ve been finding commercial and personal insurance policies for our clients across Utah since 1950, and we look forward to doing the same for you.