Life insurance FAQs

Life insurance is something that very few people are experts on. No one really talks about it, so you need to go looking for information yourself. You can go to the internet, but it is better to go directly to the experts who can answer any questions or concerns you have. At Luke Peterson Insurance in Altoona, IA, we are independent insurance agents, and we don’t owe our loyalty to anyone but our customers. We work with many carriers which allow us to offer you the most choices and the best prices. 

Who can I choose as a beneficiary?

The choice of beneficiary is up to you, there are no restrictions. However, keep in mind that if you choose a child, they will not be able to collect the money until they have reached the age determined by the state they live to no longer be a minor. 

If I get life insurance from my employer do I need to purchase my own?

Simply stated yes you do. While work insurance is a very nice perk it may not be adequate for your needs since it is usually one size fits all and if you change employers there is no guarantee you will be able to take it with you. 

Why should I choose whole life insurance?

The name says it all, whole life insurance is life insurance that will be with you for your whole life, it doesn’t have a term.  It also earns dividends.

Why is term life a good option?

Term life insurance is the most affordable option. It can provide you with the large amounts of life insurance you need when your children are young at a price you can afford. 

Can I actually have too much life insurance? 

Yes especially if you are struggling to pay the premiums. Your needs should be balanced with your ability to pay for the insurance. 

Contact Luke Peterson Insurance in Altoona, IA for your life insurance needs. 

Understanding Universal Life Insurance

Getting your universal life insurance in Altoona, IA is vital because you will be covered as long as you pay the necessary premiums. Luke Peterson Insurance has encouraged family leaders to have a universal insurance policy and meet the essential requirements because this is one of the most critical insurance policies. Here are some of the significant benefits of universal life insurance. 

You Have Flexibility with Premiums

In standard life insurance policies, you have to pay fixed premiums to continue to enjoy the associated benefits. However, in universal life insurance, you have flexibility in premiums, which means your financial status will determine the amount you want to pay without facing extra fines or discontinuation. 

Your Cash Value Earns Interests

As highlighted above, universal life insurance has a cash value aspect, which is not commonly available in other types of life insurance policies. The cash value aspect that will be earning you some interest is suitable for your financial health because you will be getting a passive income. 

You Can Adjust the Death Benefits

How much your beneficiaries will acquire is not a fixed value as well. You have an option to adjust everything, including your death benefits. However, if you adjust the death benefits upward, it is essential to highlight that you should be prepared to pay more premiums. 

You Can Borrow Against Your Cash Value

Sometimes borrowing becomes very hard in the financial sector because lenders request that you must have collateral against your borrowing. In this case, you have the opportunity to use your cash value as collateral and get loans against it. 

Understanding universal life insurance will always be a challenge to new buyers. However, in Altoona, IA, Luke Peterson Insurance helps borrowers understand universal life insurance and make sound decisions. Contact us today for more information.

3 Benefits of Life Insurance in Iowa

As we age, it’s important to start thinking about preparing for our inevitable passing and how this will affect our loved ones in Altoona, IA. A life insurance policy is one of the best options you can take advantage of to ensure all is well after you die. With so many benefits to having a life insurance policy, we had a hard time narrowing it down to just three. But here they are, three benefits of life insurance, one of which you may not have thought of before. 

1. College Tuition

Did you ever consider that life insurance is a great way to cover college tuition costs? It’s true. After you’re gone, your life insurance policy can help cover the cost of your children’s or grandchildren’s college tuition. 

2. Burial Expenses

Taking care of burial expenses can get expensive quickly. There are so many factors to consider, like flowers, a casket, a venue, and more. Life insurance can help pay for all this…and more.

3. Peace of Mind

Life insurance is an investment in the future but also the present. While you’ll be making sure everyone is taken care of after you’re gone, you will benefit from this knowledge with unlimited peace of mind. No matter when the time comes, your life insurance policy will be ready to help make the financial transition of your loved ones that much smoother. 

Securing the future of your loved ones in Altoona, IA after you pass is a top priority. The team at Luke Peterson Insurance understands this. We help you purchase a life insurance policy that’s right for your family. If you’re looking for peace of mind knowing that everything will be ok after you’re gone, then call the team at Luke Peterson Insurance today to get started.