Life insurance for kids can sometimes feel like a sensitive topic. Here at Capretta Insurance Agency, serving Parma, OH, and the surrounding areas, we want to help parents make well-informed decisions about all types of insurance coverage, including life insurance policies for children. Let’s look at a few things you should know about this important type of coverage.

Do I Need Life Insurance For My Kids?

Purchasing a life insurance policy for your children is an intelligent way to provide a safety net for your family in the event of a death. The death of a family member can be a stressful, traumatic, and financially straining time. When there is a financial safety net in place for final expenses, it helps to relieve at least a little bit of that stress.

Are There Any Benefits to Purchasing Life Insurance for Minors?

There are benefits to investing in this type of policy. There are different benefits for different types of programs. It’s best to talk with an insurance representative about the benefits. The most significant benefit is that you won’t be put under extreme financial strain in the event of a death.

When Should Life Insurance Be Purchased?

Another important question is at what age should a parent purchase life insurance for a child? Life insurance policies can be taken out for children at any age, and for most children’s policies, no medical exam is required.

If you want to learn more about life insurance, please contact us at Capretta Insurance Agency, serving Parma, OH, and the surrounding areas. We are happy to answer your questions about this important type of coverage and other insurance products we offer.

Your children are grown, you and your spouse have retired, and you live a comfortable life in Parma, OH. Do you still need a life insurance policy? While you may not have as many concerns as you did when younger, having an appropriate life insurance policy in your golden years can make things easier and is a great way to protect those you love following your passing. Capretta Insurance Agency can show you how to make your life insurance policy affordable.

Points to Consider

One of the most significant reasons for a life insurance policy is that the proceeds will pay for your final expenses. This benefit can be especially valuable for relatives responsible for your funeral if they are cash-strapped. A life insurance death benefit can also be used to pay off car loans or other debt that you may have.

For most people, any employer-sponsored group life insurance policy will retire when you do. Purchasing a policy in retirement can help replace those benefits. However, you should buy a policy as soon as possible, as premiums will increase as you age and if you develop health issues. A private life insurance policy can also provide you access to income during retirement, depending on the terms. Some companies offer a living needs benefit through a special rider. The money you withdraw from the policy under these terms will reduce the death benefit.

Keeping Policy Costs Down

Getting a needs analysis is a sound first step in determining how much life insurance you need. For retirees on a fixed income worried about the cost, limiting the amount of the payment and the term can keep premiums in check. The professionals at Capretta Insurance Agency, serving Parma, OH, will listen to your needs and recommend an appropriate policy. Contact us today for an appointment.

There are different types of life insurance, and each has its own pros and cons. The two main types are whole life insurance and term life insurance. These two types are very different from each other, though they have some similarities. Both of these insurance types are there to pay out when you pass away to leave something behind for those who depend on you. When you’re in need of a life policy, call us at Capretta Insurance Agency in Parma, OH.

Types of Life Insurance

Term Life Insurance 

With this type, the coverage only stays good for a specific amount of time. The policy will be written so that it’s good for a certain number of years. During that time, the policy will be active and will pay out a death benefit to your beneficiaries. However, once that term is over, the policy is closed. You will no longer be insured by that policy. To stay covered by life insurance, you’ll need to apply for a new policy. This insurance type is popular because it comes with a much smaller price tag than the other type. 

Whole Life Insurance 

This type doesn’t have an expiration date associated with it. The policy you buy stays in effect while you’re making the payments. To keep the coverage, just keep making the payments. This type is more expensive than the other one, but it has its own benefits. One of these is that the policy builds a value that you can later borrow against. If you have a financial disaster, there will be money you can borrow to take care of it. 

Get Life Insurance 

If you aren’t sure which type of life insurance is right for you, you need to contact us at Capretta Insurance Agency in Parma, OH to discuss which one would best fit your needs. 

Are you waiting to get married or start a family to purchase life insurance? You don’t have to! Life insurance offers something for everyone, including singles. Whether you’re single or married, you can benefit from what a life insurance policy from Capretta Insurance Agency in Parma, OH has to offer.

Life Insurance Benefits

Financial Security

Financial security is one of the biggest benefits of life insurance. If you’re married and have a family, life insurance can replace your income to support your family if you were to suddenly pass on. The benefits from your policy can be used to meet daily needs, pay your monthly mortgage, feed, clothe, educate your children, and more. If you’re single, your benefits can be used to continue supporting aging parents or help younger siblings through college.

Debts

Life insurance benefits can be used to pay off private student loans that were co-signed by your parents or a mortgage taken out on a home. If you took out a loan to start a business with a friend, these benefits can be used to help cover your share of the loan after you’re gone, so the business can go on.

Funeral Expenses

If you’ve not made funeral arrangements in advance, life insurance benefits can help pay for these costs if you were to suddenly pass on. Your family wouldn’t have to bear the brunt of this expense on their own.

Inheritance

You can specify that your life insurance benefits be left as an inheritance to your spouse or a significant other or to be used for your children’s college to secure their future. You can have peace of mind knowing a loved one will be well cared for after you’re gone.

Schedule A Consultation Today!

To learn more about life insurance options and costs, contact Capretta Insurance Agency in Parma, OH.

When it comes to life insurance, the choice between term and permanent policies can be a tough one. Term life insurance is designed to provide protection for a specific period of time, while permanent life insurance offers lifelong protection. Understanding the differences between the two types of coverage can help you decide which type of policy best meets your needs. So, the team at Capretta Insurance Agency has put together a short, comprehensive guide to walk you through the different types of insurance.

Understanding Term Life Insurance

Whether you live in Parma, OH, or another part of the country, term life insurance is an affordable option that provides coverage for a set number of years—typically 10, 20, or 30 years. It pays out upon death if it occurs during the specified term but does not build up cash value over time as permanent policies do. This type of policy is ideal for those who want to protect their family’s financial future in case they pass away unexpectedly.

Pros and Cons of Term Life Insurance

The main advantage of term life insurance is that premiums are usually lower than they are for permanent policies, making them a more affordable option. However, the coverage ends once the specified term expires, and no cash-value benefits are associated with it.

Understanding Permanent Life Insurance

Permanent life insurance provides lifelong protection as long as you pay your premiums. This type of policy accumulates value over time, providing an additional financial benefit in addition to the death benefit payout upon death. It’s typically more expensive than term life but can be a good choice for those looking for lifetime protection or hoping to build wealth over time.

Pros and Cons of Permanent Life Insurance

The main advantage of permanent life insurance is that it provides lifelong coverage and can build cash value over time. This makes it a good option for those who want to leave money for their heirs or build a retirement fund. However, premiums for these policies are usually much higher than they are for term-life policies, so you’ll need to consider whether the extra cost is worth the added benefits.

Reach Out To Us

When deciding between term and permanent life insurance in Parma, OH, there are several factors to consider, such as how long you need coverage and how vital building wealth is to your financial plan. At Capretta Insurance Agency, we understand that every situation is different and will work with you to find a solution that fits your needs. Contact us today to get started!

There are various forms of insurance that people in Parma, OH need to have. While you will want to ensure your core assets are protected and that you have proper personal liability coverage, there are other forms of insurance to consider getting as well. An important form of coverage that all people need to think about obtaining is life insurance. If you are looking for this coverage, there are various options to consider, which include whole and term life.

It is important to carefully evaluate both options when deciding which is right for your situation.

Types of Life Insurance

Term Life Coverage

For many people in Ohio, term life coverage is ideal. This can be a good form of insurance because it offers you with an affordable solution compared to the level of coverage you receive. Further, you are able to customize a plan based on your particular needs. This continues to make it a popular form of insurance.

Whole Life Coverage

A whole life insurance plan is another option to consider. This is a unique form of insurance because it will give coverage for the rest of your life. While policy premiums can be more expensive, part of the payments will build and accrue in an account with interest. Eventually, you are able to close and liquidate the account. 

Contact Us Today

If you are in the Parma, OH area, it would be wise for you to get life insurance. With life insurance policies, you are able to provide financial support for your dependents. If you are evaluating your options, you can start your search by calling the Capretta Insurance Agency. Our team of insurance experts at the Capretta Insurance Agency offers various services that will allow you to build a proper plan that will meet your needs and give you peace of mind. 

At Capretta Insurance Agency in Parma, OH, we are independent insurance agents and since we work for our customers, we work hard to make sure you have as much knowledge and as many choices as possible. Life insurance isn’t as straightforward as other types of insurance and needs to be personalized to what your dependents will need if you aren’t there to support them. 

Why should I get term life insurance?

Term life insurance allows you to buy a large amount of life insurance at an affordable rate. What you are paying for is the death benefit. There is no cash value at the end of your term. It is a practical option when you have young children and want to make sure they will be provided for. 

Do you need life insurance if you get some as a benefit from your employer?

Yes, you need your own insurance in addition to what you get from work. Think of that as frosting on your cake. But you need your own insurance just in case you change employment, your employer closes their business or your job is acquired by a new company. You need to be able to control your own life insurance. 

How much life insurance do I need?

Every person’s needs are different. You need to take your income into consideration, how young your dependents are, and for how long you will need to provide for them. Once you come up with a figure, your insurance agent can help you to get the best deal on the coverage you need. 

Can my life insurance policy be canceled?

Yes, it can, if it is discovered that you lied on your application or if you fail to make your premium payments, your life insurance can be canceled. 

Contact Capretta Insurance Agency in Parma, OH to discuss your life insurance needs. 

Anyone that is in the Parma, OH area will need to take their personal insurance needs seriously. As you are looking for a way to protect yourself, you also need to consider your life insurance needs. There are various benefits that come with a life insurance plan that make it a good option for those in this area of Ohio. 

What are the benefits of having life insurance?

Ensure Financial Resources for Dependents

An important reason that you should have a life insurance plan when you are in Ohio is so you can provide financial resources for your dependents. If there are people that rely on you and your income for living expenses, it is important to provide coverage for them. With a life insurance plan, you can offer the support they need to ensure they are covered if you were to pass away. 

Diversify Investments

Another reason that you should have a life insurance plan is to diversify your investments. When you are going to plan for your financial future, having a diversified set of investments. One way that you can improve your diversification is by investing in a whole life insurance plan. When you have this coverage, some of your payment goes into an account and grows with interest. You can then eventually close this account and liquidate the original principal plus interest.

Having a life insurance plan in the Parma, OH area is always a good idea. When you are looking to get this insurance here, it would be beneficial for you to speak with the team at the Capretta Insurance Agency. The professional with the Capretta Insurance Agency can offer you the guidance that is needed to choose an insurance plan that is right for your situation. This will offer you peace of mind and ensure you have proper coverage. 

The answer to this question is yes. When you are purchasing life insurance, it can be difficult to decide between term life insurance and permanent or whole life insurance. If this is where you are, you may want to consider a convertible life insurance option.

At Capretta Insurance Agency, we want Parma, OH residents to understand their options when they are purchasing life insurance. We can help you to design the best life insurance product for your needs.

How to Change from Term Life Insurance to Permanent Life Insurance

There are two ways to change from term life insurance to permanent life insurance. The first way is to keep your term life insurance until the term expires, and then purchase permanent life insurance.

The easiest way is to purchase term life insurance that is convertible. A convertible policy will convert your term life insurance into a permanent life insurance policy at the end of your term. 

How Does Convertible Life Insurance Work?

Convertible life insurance is not as complicated as it sounds. This life insurance is purchased when you purchase term life insurance. Your term life insurance will have on it a set term, for say 5, 10, or 30 years. 

When that term expires, you will have the option to renew, or convert the policy into a permanent life insurance policy.

If you don’t do that, you will need to purchase permanent life insurance. That also means you will have to undergo a medical exam again when you change your life insurance policy.

That may not sound like a big deal now. However, if you are taking another medical exam in 10 or 20 years, the medical results may be different.

Convertible life insurance is often the most affordable and convenient way to have the best of both worlds when it comes to life insurance.

Get a Quote

Capretta Insurance Agency, we want Parma, OH residents to be informed of their life insurance options. Call us for a quote today.

In the Parma, OH area, there are several forms of insurance that people will need. One type of coverage to consider is life insurance, which can offer financial protection for those you care about. If you are in this area of Ohio, there are a few reasons why having this type of coverage should be considered a practical necessity. 

Provide Financial Protection for Dependents

The main advantage of having a life insurance plan in this state is that it can provide your dependents’ financial protection. If there are people that rely on you and your income, finding a way to cover and protect them is significant. With life insurance, you can build a plan that can be used to meet their future financial needs. 

Receive Financial Investment Benefits

While a life insurance plan is largely intended to provide financial protection for others, it can also be used to invest for the policyholders. Those that are going to take out a life insurance plan can consider whole life insurance. With this form of coverage, some of your payment will build in an account that will accrue interest and can be cashed out in the future. You can also use these accounts to post as collateral, which can help you take out low-interest loans. 

There are many great reasons to take out a life insurance plan in the Parma, OH area. If you are looking for a new life insurance plan in this area, the Capretta Insurance Agency is a great company to contact. The insurance professionals with Capretta Insurance Agency understand the value of life insurance, and they can offer any support you need to understand your options and build an appropriate plan.