Proceeds from your life insurance policy can be used to help pay your final expenses, bills or debt.
Life Insurance
SDSIA offers two types of life insurance
South Dakota Senior Insurance Agency (SDSIA) provides life insurance for seniors that allow you to provide for the people you care about the most and prevent them from experiencing financial troubles upon your passing.
Whole Life Insurance
Whole life insurance offers premiums that are guaranteed not to increase, a benefit to be paid to your designated beneficiaries at your death and potential cash value that grows on a tax-deferred basis. You can access the cash value growth for monetary needs that may arise for you or your loved ones.
Here’s how they work:
- Premiums are locked in for life and cannot increase
- Death benefits are guaranteed to never decrease
- The policy cannot expire due to age
What factors affect the price?
Current Age
The younger you are, statistically, the longer you have left to live, making a premium payment at a younger age less expensive.
Gender
Women statistically live longer than men, which equates to lower rates for life insurance.
Death Benefit Amount
The more life insurance you purchase, the greater the cost. However, the cost per dollar of coverage may be less when you purchase a higher amount.
Tobacco Habits
Tobacco users will pay more since usage puts you at a higher risk of many ailments that can negatively impact your lifespan.
Health
Healthy individuals tend to live longer, making them more of a favorable life insurance risk, which equates to lower costs.
Call us today at (605) 939-4825 for more information and to enroll in a permanent life insurance plan!
Term Life Insurance
Here’s how they work:
- Affordable coverage for a specified period of time
- Payments will not change for the guaranteed period
- Higher face amounts
- Does not build cash value
What factors affect the price?
Current Age
The younger you are, statistically, the longer you have left to live, making a premium payment at a younger age less expensive.
Gender
Women statistically live longer than men, which equates to lower rates for life insurance.
Death Benefit Amount
The more life insurance you purchase, the greater the cost. However, the cost per dollar of coverage may be less when you purchase a higher amount.
Term Duration
The longer the policy term duration, the higher the premium payment. This is because the policy premium must consider risks at a greater span of ages. And, statistically, that risk increases with age.
Tobacco Habits
Tobacco users will pay more since usage puts you at a higher risk of many ailments that can negatively impact your lifespan.
Health
Healthy individuals tend to live longer, making them more of a favorable life insurance risk, which equates to lower costs.
Call us today at (605) 939-4825 for more information and to enroll in a term life insurance plan!