Life Insurance
There are many kinds of life insurance, but they generally fall into two categories: term insurance and permanent insurance.
Term insurance is designed to meet temporary needs. It provides protection for a specific period (the "term") and generally pays a benefit only if you die during the term. This type of insurance often makes sense when you have a need for coverage that will disappear at a specific point in time. For instance, you may decide that you only need coverage until your children graduate from college or a particular debt is paid off, such as your mortgage.
In contrast, permanent insurance provides lifelong protection. If you pay the premiums, and no loans, withdrawals or surrenders are taken, the full-face amount will be paid. Because it is designed to last a lifetime, permanent life insurance accumulates cash value and is priced for you to keep over a long period of time.
It's impossible to say which type of life insurance is better because the kind of coverage that's right for you depends on your unique circumstances and financial goals.
But remember, the best way to figure out the amount and type of life insurance that makes sense for your situation is to meet with a qualified and licensed life insurance professional.
Create a lifeline that will last a lifetime
We know you can’t put a dollar amount on your family, but you can ensure their future is protected. And though costs are a real concern for most people considering life insurance, it never costs as much as you think.
It happens more often than you think…
After running multiple tests, doctors conclude you have an incurable medical condition that may affect the length of life you have remaining.
A million thoughts race through your head. You’re unsure of what to do or whom to call. Your first priority is your family and who will look after their well-being when you’re gone. You might be asking yourself:
- How will your spouse stay afloat with all the debt accrued?
- Who will save for your children’s college fund?
- Where will your family be without you?
Or will you be thinking instead of how you will choose to spend whatever time you have left secure in the fact you have a precisely calculated policy to cover your debt and funeral costs?
Recognizing everyone’s situation is unique, which means there are two types of life insurance policies to choose from:
- Term life policies are set up to cover you for a specific period of time
- Whole life or Universal life insurance covers the insured for the course of their life
No matter the situation, it is important to know what type of policy best suits your needs, the amount of coverage desired, and most importantly, who the beneficiary will be.
One of the helpful agents at our firm can help you learn more about purchasing a life insurance policy. Having peace of mind knowing that when you leave this world, your family won’t be burdened with your financial hardships.
Why We're Different
While most insurance products are similar in price and function, insurance providers vary when it comes to structuring a policy tailored to you.
After all, there’s no such thing as a one-size-fits-all insurance policy when it comes to your business.
Contact us today, and we'll help you protect what matters most.