Life Insurance

If your loved ones depend on your salary or the services you provide (e.g., child care), it may be time to consider purchasing a life insurance policy. Life insurance can help protect your family from financial hardship if you die unexpectedly.  

We’re here to help you find the life insurance policy you need. Contact AJ Gambardella Insurance in Stratford, Connecticut, to learn more about our life insurance coverage solutions and to get a life insurance quote today.  

What Is Life Insurance? 

Life insurance is an agreement between you and your insurance company that binds an insurer to provide a death benefit to your beneficiaries when you pass away. It is a way to invest in the future of your family’s financial security. While many individuals can benefit from life insurance, it may be particularly beneficial in the following circumstances: 

• You have a child
• You have a mortgage
• You own a business
• You have debt 

Without life insurance, these financial burdens could fall on your beneficiaries when you die. 

How Does Life Insurance Work? 

In exchange for your premium, your insurance company agrees to pay your beneficiaries a lump sum—known as a death benefit—when you die. There are two primary types of life insurance. 

• Term life insurance provides coverage for a set period of time, or “term” (e.g., 10, 15 years). At the end of the term, your insurance company will no longer provide your beneficiaries with a death benefit. Term life insurance is generally the cheaper of the two options and may have a level premium, meaning you pay a set rate for the length of your policy.
• Permanent life insurance provides coverage for your entire life. Examples include whole life insurance and universal life insurance. Additional benefits of these policies, depending on the type of permanent life insurance selected, may include a level premium with an increasing amount of coverage and the ability to accrue cash value that can be withdrawn, borrowed against or used to make future insurance payments. 

Speak to your insurance agent to learn which type of life insurance coverage could be right for you. Call AJ Gambardella Insurance to learn more about the types of life insurance policy we offer. 

What Does Life Insurance Cover? 

Here are some of the common expenses a life insurance policy’s death benefit can help pay for: 

• Estate taxes associated with the transfer of your estate
• Final expenses associated with your burial, funeral and other estate administration costs
• Lost income to support your loved ones (e.g., spouse, children) who depend on your salary for financial security 

Additionally, life insurance policies may allow you to leave an inheritance to your beneficiaries after your passing.   

How Much Does Life Insurance Cost? 

The cost of your life insurance policy will depend on numerous factors. Your insurance company may look at the following variables when determining the cost of your premiums: 

• Age
• Gender
• Health
• Lifestyle 

Your insurance company may ask you to take a medical exam when you apply for life insurance. 

Contact AJ Gambardella Insurance for more information on our life insurance coverage solutions and to speak to an insurance agent. 

Getting Life Insurance 

At AJ Gambardella Insurance, we understand the importance of protecting your family from financial hardship. Contact us today to learn more about our life insurance option and to get a life insurance quote.