What is Life Insurance?
If someone depends on you financially, you should consider Life Insurance. Life Insurance can help pay for more than just funeral expenses. It can help pay off outstanding debt, provide a replacement of income for your family to pay for ongoing living expenses and even provide education funding for children’s future needs.
There are two types of Life Insurance: term and permanent.
Term Life Insurance covers an individual for a “term” of typically anywhere between 10-30 years, which makes it a great option for covering large debts such as mortgage, student or business loans in the event of an untimely death. Term Life is a much cheaper option than Permanent because once the term ends, the coverage ends and there is also usually no cash value.
Permanent Life Insurance covers the individual until they die at which point the death benefit is paid out to the family. Permanent coverage will usually have a cash value build up that can be taken out as a tax-free loan making it a great investment and supplemental retirement funding option.
Life Insurance can also an affordable way to start a financial foundation for a child, as it provides a building block for their overall retirement portfolio and guarantees their insurability.
To learn more about Life Insurance and how it can benefit you and your loved ones, call one of our agents to schedule a free appointment.