Life Insurance
Whether you want help cover final expenses or building a legacy, you can protect your family, your business or both with a Groupe Cyr & Lyras Insurance plan.
As you grow older, it can be difficult to get affordable life insurance, so whatever your age, health or history, right now is the best time to protect the financial security of your loved ones.
The Basics Of Life Insurance
- You choose how many years your policy will last (the term) and the coverage amount that will be paid out if you die (the death benefit).
- You pay for the policy in the form of monthly or annual premiums.
- If you pass away while your life insurance policy is in effect, its death benefit is paid out to your chosen beneficiaries, who can use the money to pay off debts, cover expenses, and accomplish whatever else you may have planned.
Determining The Cost
The following factors go into determining the cost of your life insurance policy:
- Your policy — The type of policy you choose, along with the term length and coverage amount, will help set the base cost of your policy.
- Your health — Life insurance is all about risk, so the healthier you are, the cheaper your policy will be.
- Your age — The cost of a life insurance policy increases at a rate of 8-10% each year you put off buying one.
- Your hobbies — Dangerous hobbies, like skydiving and scuba diving, may raise your life insurance rates.
- Your gender — In general, men pay more than women for comparable policies.
Common Use Cases
Life insurance policyholders commonly include:
- Students — Did you know that your parents may be on the hook for your debt if they cosigned your student loans? Anyone with cosigned debt should consider life insurance, even if you’re young.
- Spouses — Marriage complicates finances, and you’ll feel better if you know your significant other is taken care of regarding any shared debt or future financial plans.
- Parents — Whether it’s diapers or tuition, kids are expensive. A life insurance policy ensures their costs are taken care of from cradle to college.
- Homeowners — Mortgages are the biggest, longest-lasting debt most people will take on. A good rule of thumb is to have a life insurance policy that lasts as long as your mortgage. It’s not uncommon for a policy to last 20 or 30 years.
- Business owners — A smart business owner will have an insurance policy so their partners can keep the company going even after you’re gone.
The Basics Of Life Insurance
- You choose how many years your policy will last (the term) and the coverage amount that will be paid out if you die (the death benefit).
- You pay for the policy in the form of monthly or annual premiums.
- If you pass away while your life insurance policy is in effect, its death benefit is paid out to your chosen beneficiaries, who can use the money to pay off debts, cover expenses, and accomplish whatever else you may have planned.
Determining The Cost
The following factors go into determining the cost of your life insurance policy:
- Your policy — The type of policy you choose, along with the term length and coverage amount, will help set the base cost of your policy.
- Your health — Life insurance is all about risk, so the healthier you are, the cheaper your policy will be.
- Your age — The cost of a life insurance policy increases at a rate of 8-10% each year you put off buying one.
- Your hobbies — Dangerous hobbies, like skydiving and scuba diving, may raise your life insurance rates.
- Your gender — In general, men pay more than women for comparable policies.
Common Use Cases
Life insurance policyholders commonly include:
- Students — Did you know that your parents may be on the hook for your debt if they cosigned your student loans? Anyone with cosigned debt should consider life insurance, even if you’re young.
- Spouses — Marriage complicates finances, and you’ll feel better if you know your significant other is taken care of regarding any shared debt or future financial plans.
- Parents — Whether it’s diapers or tuition, kids are expensive. A life insurance policy ensures their costs are taken care of from cradle to college.
- Homeowners — Mortgages are the biggest, longest-lasting debt most people will take on. A good rule of thumb is to have a life insurance policy that lasts as long as your mortgage. It’s not uncommon for a policy to last 20 or 30 years.
- Business owners — A smart business owner will have an insurance policy so their partners can keep the company going even after you’re gone.