Want to clear out a room quickly? Then tell them you’d like to talk about life insurance! But seriously, although it might not be the sexiest of topics, it’s at the top of the list of important discussions. The truth is, although many policies offer “living benefits“, we typically don’t purchase life insurance for ourselves, but rather for our loved ones that we leave behind.
You probably already protect the value of your home, cars and other property with insurance. But like many people, you may not be fully insuring what makes all those things possible — You. Your family depends on what you provide for them. The proper type of life insurance policy can help your loved ones pay college tuition, mortgage payments, and even help cover retirement income gaps in the event of your passing. Protecting their financial security with life insurance is an important responsibility, and it may be more affordable than you think. We can help you determine how much coverage you need and which type of policy may be right for your situation and budget.
With both term and permanent life insurance, you make premium payments so that in the event of your passing, your loved ones and beneficiaries will receive the death benefit proceeds from the policy. Term insurance is for a specific period of time whereas permanent is for life as long as the premiums are paid.
If you have anyone that depends on you financially or if you don’t want to leave your loved ones with burial costs or debt, then the answer is yes. And if you’re just starting out and want to lock in an affordable rate for when you have a family, different types of life insurance can help with that, too.