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Life Insurance in Bountiful, Utah

Life insurance is a way to provide financial protection for your family after you pass away. Life insurance may be right for you if you have financial obligations (e.g., mortgage, outstanding loans); it can also benefit those who rely on you for financial security, such as your partner or minor children.

As a family business, Axcess Insurance understands the importance of protecting your loved ones. Contact us in Bountiful, Utah, to learn more about our life insurance coverage options and to speak to an insurance agent.

What Is Life Insurance?

A life insurance policy is a contract between you and your insurance company. In exchange for your premiums, your insurance company will provide payment, called a death benefit, to your chosen beneficiaries when you pass away. The types of death benefits your beneficiaries will receive depend on your coverage terms.

What Does Life Insurance Cover?

Individual life insurance policies may vary. Here are some of the typical life insurance coverages you may be able to choose from:

  • Lost income coverage may provide monetary support to beneficiaries who need your annual salary for financial security.
  • Inheritance creation may enable you to pass down your assets to chosen beneficiaries.
  • Final expenses coverage may help cover your funeral fees, burial costs and other estate administration costs after you pass away.
  • Estate taxes coverage may help pay for taxes related to the transfer of your estate.

How Does Life Insurance Work?

The way your life insurance policy works and its duration will vary depending on the type of coverage you select. There are two primary types of coverage, they are:

  • Permanent life insurance (also known as whole life insurance or universal life insurance) can provide coverage for your entire life. Generally, these policies have a level premium, meaning your insurance costs will stay the same over time, even when you age and require more medical care. Depending on your insurance company, you may also be able to use your permanent life insurance policy to accrue wealth by withdrawing or borrowing money from your policy.
  • Term life insurance can provide coverage for a set amount of time (e.g., 15 years or 30 years). At the end of this term, your insurance company will no longer provide death benefits when you die. Typically, term life insurance is the cheaper type of policy.

How Much Life Insurance Do I Need?

The amount of coverage you need is unique to your circumstances. Here are some things to consider when determining the amount of life insurance that’s right for you:

  • Any outstanding loans, payments or mortgage
  • Future expenses (e.g., college tuition)
  • The cost to replace services you provide (e.g., childcare)
  • The number of years you’d like to have your annual salary replaced

How Do I Buy Life Insurance?

We’re here to help you find the coverage you need. Contact Axcess Insurance to get started with a life insurance quote today. We operate in Salt Lake City, Utah, and surrounding areas.

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