Securing life insurance is critical when planning for your family’s future wellbeing. It can offer you peace of mind during the most precious times of your life. As your life changes, so will your life insurance coverage needs.
Types of Life Insurance
Term
Term life insurance provides protection for a specified period—often 10 to 30 years. It can be much less expensive than permanent life insurance and has a fixed premium.
For young families, individuals with large debts or mortgages, and business owners, term life is often the best way to go. It’s straightforward, simple, and affordable. And it’ll offer your family or business partners the financial protection they will need if anything happens to you.
Permanent
Whole life and universal life insurance are two types of permanent life policies that can remain in effect for an entire lifetime. Unlike term life insurance, permanent life policies can build cash value over time.
If you cancel your policy, you’ll receive your investment. If you continue your policy through the end of your life, the money will go to your beneficiaries, along with the rest of the payout.
Universal life insurance is characterized by its flexible premiums and death benefits, while whole life insurance guarantees cash value accumulation and consistent premiums.
Do I need life insurance?
If you belong to one or more of the following categories, consider life insurance at this time:
- You’re married.
- You’re pregnant.
- You’re a parent to children living at home or in college.
- You’re a stay-at-home parent.
- You’re the breadwinner in your family.
- You have large debts, like student loans or a mortgage.
- You run a business.
- You want to make sure your elderly spouse is taken care of when you’re gone (for medical expenses, long-term care, etc.).
Does a permanent or term life insurance policy make more sense for me?
For most individuals, we recommend a term life insurance policy. Some situations where it may be smarter to invest in a permanent life policy include
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- If you want to ensure all of your loved ones are compensated when you die,
- If you have a special needs child who will always depend on you for support, or
- If you’re a high-net-worth individual and worried your beneficiaries will have a heavy financial burden when you’re gone.
How much does life insurance cost?
Many variables will help determine the cost of your life insurance premium: age, family medical history, health, lifestyle, driving record, gender, whether or not you smoke, and the policy you choose.
You may be surprised by how affordable life insurance can be. To get a quote for whole, term, or universal life insurance, the process is simple. Contact us, and we’ll get you started right away!
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