Although death is a fact of life, it’s one many fail to plan for. Having a life insurance policy not only provides peace of mind during your lifetime, it will provide protection for your loved ones and family members in the event of your passing.
If others depend on you for financial support, part of your financial plan should include how you will provide for them in the event of your death. Purchasing a life insurance policy is a safety net that ensures your loved ones’ future financial obligations are met.
Think you don’t need life insurance? Think again.
I’m single, so I don’t have a family to take care of.
Life insurance can be used for funeral expenses and to pay off debts, relieving your loved ones of the financial burden.
I’m young, so I don’t need it now.
When you’re young, life insurance is more affordable. Anything can happen at any time, and purchasing a policy now will protect your family from the unexpected.
My spouse is the primary breadwinner, so my income won’t need to be replaced.
Although it may not be essential to replace your income, your spouse may need help with childcare, housework and more.
We’re financially stable and have ample savings for the unexpected.
Have you factored in estate taxes? Certain policies can help protect assets and retirement funds.
Life Insurance Options
Term Life Insurance
Just as its name implies, term life insurance covers you for a specific period of time, or term, that you choose. Since it offers a death benefit but no cash value, term life insurance is an inexpensive way to protect your beneficiaries for a specified period of time.
Term life insurance is ideal for those who have a temporary need for protection, for those who need a large amount of insurance protection but have limited cash, or for those with specific business needs, such as additional coverage for a key employee.
Renewal term life insurance can be renewed at the end of the term, at the option of the policyholder and without evidence of insurability, for a limited number of successive terms. It can also be converted, or exchanged for a permanent insurance policy, without evidence of insurability down the road.
Once your term expires, so does your coverage. With term life insurance, rates generally increase with age.
Whole Life Insurance
Whole life is the most basic type of permanent life insurance. It provides coverage that lasts a lifetime and also builds up a cash value that you can borrow against, withdraw or use to pay future premiums.
A life insurance policy with a cash value is ideal for those who have a lifetime need for insurance protection, prefer stable premiums over the life of the policy, want a policy that allows them to build tax-deferred values, and value the high degree of coverage the policy affords. While rates for a whole life insurance policy remain stable over the life of the policy, premiums are initially costlier than for term insurance.
Whether you’re a young professional or retired couple, we’re here to help with life insurance that meets your needs and protects your future. Contact us for a free assessment and quote.