Ready for Anything: Guide to Buying Life Insurance in PA

May 22, 2024 | Life Insurance

Life is full of unexpected moments, some joyous and some painful. While we don’t always know what’s coming next, we can ensure our loved ones are cared for no matter what life throws our way. Life insurance is a tool that can prepare your family for the unexpected. If something happens and you can no longer provide for them, life insurance can give your family the financial means to maintain their lifestyle and achieve their goals, even in your absence. 

Life insurance is a way to love and provide for your family when you are no longer around. Learn more about life insurance in PA, including how much you might need and what policies are available. 

Life Insurance in PA: What You Need to Know

Pennsylvania ranks as the tenth most expensive state in terms of cost of living. Will your family be able to provide for themselves without your income and support? Life insurance can give them financial stability in your absence, but you’ll need to choose the right coverage and policy. Here’s what you need to know when buying life insurance in PA. 

What Does Life Insurance Cover? 

Life insurance policies pay out a benefit to your beneficiaries upon your passing. Your beneficiary can be anyone, but it’s often your spouse, children, or other loved ones. They can use the benefit to cover the expenses incurred by your passing, such as your final medical bills or funeral costs. They can also use the most to replace income lost by your passing, as an education fund, or to pay for any estate tax obligations. 

How Much Life Insurance Do You Need?

How much life insurance you need will depend on factors such as your income at the time of your passing, current debts, family size, and financial goals. You can work with an insurance broker to determine the right level of coverage based on your needs and budget. As a rule of thumb, though, you should have enough life insurance to: 

  • Cover any of your final expenses, including funeral costs 
  • Replace your income for a period of time and help with childcare costs (if any)
  • Pay off your debts and ensure your spouse can maintain their current lifestyle

The Pennsylvania Insurance Department has some helpful advice regarding life insurance in PA that may help answer some of your questions about coverage.

What Kind of Life Insurance Policies Are Available? 

There are two main categories of life insurance in PA: 

  • Term life insurance — provides coverage for a specific period of time (or term). Many people use term life insurance to cover temporary needs, such as a mortgage or childcare costs. It’s a cost-effective option that can provide a lot of peace of mind. 
  • Permanent life insurance — Lifelong coverage that builds cash value over time. This policy can be more expensive than term life insurance, but it can also act as a savings tool to help families plan for the future. 

Which policy you need will depend on your goals and your budget. An experienced life insurance agent can help you understand your options and decide on the best policy type for your situation. 

Eber & Associates Covers You Through Life, for Life

Buying life insurance can be an act of love for your family. We understand why it’s so important to get it right. Our team can help you find the right life insurance policy in PA that aligns with your unique needs and budget, no matter what stage of life you are in. We’ll guide you through the process, from understanding your policy options to negotiating your monthly premiums. 

Secure your family’s financial future. Get a free quote on life insurance in PA today from Eber & Associates. We’re here to cover you through life, for life.