Life Insurance

Life is Precious - Protect Your Family with Life Insurance

Life insurance provides financial security and peace of mind to your loved ones in the event of your passing, ensuring they can maintain their quality of lifeLife is a beautiful gift. As we go through our daily routines, we often take the precious moments we share with our loved ones for granted. However, the unexpected can happen at any time. The thought of losing a loved one is difficult to confront, but being financially prepared can provide some comfort during life's hardest moments.

A life insurance policy allows you to protect your family even when you cannot be there for them. It provides a lump sum payment if the policyholder passes away while the policy is active. This money can help cover final expenses or replace lost income so that your family maintains financial stability.

At Carrington Financials, we specialize in finding the right life insurance solutions for families. We take the time to understand your unique situation and needs before making thoughtful recommendations. Learn more about working with independent life insurance agents and determine if life insurance suits your family. and meet financial obligations. It serves as a crucial safety net, offering support for funeral expenses, mortgage payments, debts, and ongoing living expenses. By safeguarding your family's future, life insurance offers a sense of reassurance and stability during uncertain times.

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About Independent Insurance Agents

Regarding life insurance, you have two main options: captive agents and independent agents. Captive agents work for a single insurance company and can only offer you products from that company. On the other hand, independent agents like Carrington Financials work with multiple insurance companies. We give you access to a wider range of coverage options.

This flexibility allows us to shop multiple insurers to find you the best mix of price and coverage. We combine our knowledge of different policy options with understanding your lifestyle to identify the ideal solutions.

Working with an independent life insurance agent provides a personalized experience. We get to know you and your family on a first-name basis and become a trusted resource for all aspects of your insurance needs. We can provide an all-in-one solution for home, auto, business, health, or life insurance.

At What Age Should I Get Life Insurance?

One of the most common questions we hear is, “At what age should I buy life insurance?” The truth is there is no set-in-stone rule. You can purchase life insurance policies as early as age 18 all the way up to age 65 and beyond. However, there are a few factors to keep in mind:

Health: It almost always makes sense to purchase life insurance when you are younger and in good health, as you will pay lower premiums. Health issues arise more frequently as we age, making us riskier (and more expensive) to insure.

Dependents: If you have dependents who rely on your income, you likely need life insurance. This includes a spouse, children, elderly parents, or others. The payout can help support them if you pass away unexpectedly.

Debt: If you have outstanding debts like a mortgage, student loans, auto loans, or credit cards, life insurance can help pay them off so they do not pass along to family members.

Assets: Even if you do not have many dependents now, buying life insurance when you are young can build cash value that you can use later to fund college tuition or retirement.

While there is no perfect age for everyone, most financial experts recommend buying life insurance in your 20s or 30s. Premiums are lower, and you are locked in insurability while still in good health. That said, it is certainly better to get coverage later rather than never. Carrington Financials can guide you through the decision-making process during a free consultation.

The Benefits of an Independent Life Insurance Agent

When shopping for life insurance, you want someone who will take the time to understand your situation and empathize with you. Carrington Financials provides just that.

Personal Relationship

Purchasing life insurance brings up sensitive topics surrounding death and money. You want an agent who will listen instead of being just another file number at a big company. Independent agents like us get to know you personally and offer advice tailored to your unique situation.

All-In-One Insurance Solution

If you go to a company that only offers life insurance, you’ll have to see another for your home insurance, another for your car insurance, and so on. Rather than working with separate agents for different insurance needs, we provide a one-stop shop. We can help you protect your life, home, car, and more, all under one roof.

More Insurance Choices

Since we work with dozens of highly rated insurance carriers, we can offer you more options. You can take advantage of our expansive market access rather than limit yourself to what one company offers.

Local Expertise

At Carrington Financials, we’re invested in our community and know the challenges and issues faced by our people. When structuring policy recommendations, we can factor in the cost of living, common risks, and needs of Northeast Ohio families.

However, that doesn’t mean we are confined to this region. Yes, our roots are firmly planted in Akron. But our commitment to protecting families goes deeper than that. We hold all the necessary licenses and have established books of business in Georgia, Texas, and Arizona as well.

What Are the Different Types of Life Insurance?

We understand that life insurance can be complex. It’s one of the main reasons why many people don’t fully understand it and put it off for later. Many policy types have varying levels of flexibility, investment components, and premium costs.

For now, know that the two main categories are term and permanent life insurance.

Term Life Insurance

With term life insurance, you pay a set premium for coverage that lasts a predetermined amount of time, typically 10 to 30 years. It is the most affordable form of life insurance and makes sense if you need coverage for a specific situation, like paying off a 30-year mortgage.

Permanent Life Insurance

Permanent life insurance provides lifelong coverage as long as you continue paying premiums. A portion of payments go toward building cash value that you can borrow against or withdraw during emergencies.

Within permanent life insurance, there are a few main policy types:

  • Whole Life Insurance: Offers lifelong coverage along with a cash value account. Fixed premiums.
  • Universal Life Insurance: Also offers lifelong coverage plus cash value, but with flexible premium payments.
  • Variable Life Insurance: Allows you to invest the cash value portion of your policy in various investment options, with the potential for higher returns but also greater risk.
  • Final Expense Insurance: Smaller policies meant specifically to cover burial and final expense costs.

We can explain the nuances and help you determine which type meets your budget and goals.

What Criteria Do Insurance Companies Look at When Forming a Quote for Life Insurance?

No one can predict when they’re going to die, but insurance companies use various factors to determine the risk of insuring you. These factors can impact your premiums and eligibility for coverage. Common factors include:

  • Type & Amount of Coverage: More coverage means higher premiums. Additional policy riders also increase costs.
  • Age & Sex: Mortality rates for men are generally higher than for women, resulting in pricier premiums for males, particularly as they age.
  • Health & Family History: Medical exams may be required to uncover any pre-existing conditions or hereditary risks that could impact life expectancy.
  • Lifestyle: Hazardous hobbies, careers, or behaviors may increase your rates. If you engage in high-risk activities like skydiving or rock climbing, you may pay higher premiums or be denied coverage altogether.
  • Smoking: Nicotine use in the past year often leads to significantly higher premium quotes.

During a free consultation, we gather details on these factors to request quotes that match your unique risk profile and budget.

Guidance from Carrington Financials

Purchasing life insurance is an act of love to protect those who matter most. We understand that selecting coverage can feel like a burden, though. Our team of independent life insurance agents is here to guide Akron families through each step of the process—from determining ideal coverage to choosing a trusted carrier.

We also prioritize financial literacy and education so you feel empowered in your decision-making.

Contact us today to ask questions or set up a free consultation. It would be our privilege to help you protect everything your family has worked so hard to build.