Life Insurance – Helping Your Sense of Security
Knowing that no matter what your loved ones will be taken care of is the ultimate sense of security. In the case of the unthinkable, you don’t want your loved ones left with not only the grief for the loss, but bills to only make it worse. Life insurance can ensure this doesn’t happen.
In Tough Times, Why Spend Money on Life Insurance?
Out of all the major insurance types, life insurance is often one of the lowest priced you will find. If money is tight for your family, imagine how much tighter it would be without you here. It’s the responsible thing to do because none of us will live forever.
You Don’t Have To Jump Through Hoops For Life Insurance.
You might think obtaining life insurance is inconvenient, but you have many options. You may feel you don’t have the time for an exam or physical to be able to get coverage. There are many policies available that require few questions and no exams. Options can be quoted for you by licensed agents and compared at your convenience when you fill out our quick form to get your free quotes.
Types of Life Insurance
Life insurance is a product designed to protect your family and loved ones due to the loss of their primary bread winner. In the event of your passing, your Life Insurance policy will provide your named beneficiaries with the amount of money specified by your policy, paid in either a single lump sum or regular, periodic payments. There are two primary forms of Life Insurance: Term Life and Permanent Life (also known as Whole Life Insurance).
Term Life Insurance is the most cost effective way to provide maximum protection to your beneficiaries for a set period of time. The policy has a specified end date at which time the coverage can only be continued at the discretion of the insurance company and at escalating premiums. Term Life is ideal for healthy people with young families who want to make sure their loved ones are protected for a specific time period, such as until their children graduate from college. There is no cash value accumulation or building of equity and continuing the policy after the specified end date can be prohibitively expensive.
Permanent Life Insurance is ideal for people who want protection over their entire lifetime with a premium that is guaranteed to never increase. However, Permanent Life policies pay much less money to beneficiaries upon the death of the policyholder than would a Term Life policy with a similar monthly premium. The policy generally has a guaranteed cash value settlement that grows over the life of the policy as premiums are paid in and invested. Payments into the policy are tax deferred and can later be withdrawn while the policy holder is still living in order to supplement 401K and other retirement benefits. There are many types of Permanent Life Insurance plans such as Whole Life, Universal Life, Variable Universal Life, and Survivorship Life.