Why do you need life insurance? There are many reasons to have life insurance from providing income for the surviving family members to paying off the mortgage to covering final expenses to leaving money to your favorite charity. You can even have a policy to pay estate taxes.
The primary reason for most people is to protect their family’s financial future. Life insurance is a perfect way to show your love to your spouse and/or children long after you are gone from this earth.
There are two basic types of life insurance: term life and permanent. Term life insurance provides coverage for a specific period of time, usually 10, 15, 20 or 30 years. Your premiums will never go up during this period of time. If you pass away during the time period, your beneficiaries will receive a death benefit payment. If you live to the end of the time period, you have two options. You can either convert to a permanent plan with no medical test or you can go through the underwriting process for a new term policy.
Permanent Life Insurance provides you with a death benefit that is meant to last your entire life. Part of the money you pay goes into the cash value where it can grow. You can always tap into the cash value, however, it is usually best for the performance of your policy to try and not take any of the cash value.
Please call us to set an appointment to learn more about protecting what is most precious to you.