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Term or Whole Life Insurance
What is best for you?
The answer depends on your situation, what you want your life insurance coverage to do, and what works for your budget. Here are some things to think about: Term Life Insurance pays a benefit to your loved ones if you die during a specific period of time. Whole Life Insurance covers you for your lifetime and builds cash value over time.
If you’re reading this, you’ve probably started researching your need for life insurance and the different types available for purchase. Good for you! It’s one of the best investments you can make for your family’s future. There’s a lot of information about life insurance out there, sprinkled with terms like premium, benefit and cash value…it can be confusing, to say the least.
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LIFE INSURANCE
Life insurance is a crucial step in planning for your future and the future of your loved ones.
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No one really wants to think about life insurance. But if someone depends on you financially, it’s a topic you can’t avoid. Getting life insurance doesn’t have to be hard (or boring). We have some answers to common questions about life insurance so that you can make informed decisions about protecting your loved ones financially.
Why is life insurance worth it?
There are many answers to the question of why is life insurance important. But by and large, the most important one is ensuring your family’s financial security and peace of mind.
If anyone depends on your income, they would most likely struggle if you were to pass away. That’s why life insurance is so important to have. There are different types of life insurance policies, but essentially they all pay cash to your loved ones when you die. Money from life insurance can be used to cover daily living expenses, a mortgage or rent payments, outstanding loans, college tuition and other essential expenses. Life insurance is the best way to ensure that your loved ones would be in a good financial place if you and your income were no longer in the picture.
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Life Term Insurance is a type of insurance that covers you and your loved ones for a specific period of time. After the level term period ends, the coverage renews at higher rates which increase annually through age 95.
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Term allows you to protect your loved ones from debt for specific life events in your absence like paying for a mortgage, replacing lost income, or sending your children to college. With Term, you'll provide your family with the confidence and peace of mind they need to feel financially protected in the future.
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Whole Life Insurance also known as traditional life insurance lasts for an insured's lifetime, as opposed to term life insurance which is for a specific number of years. It provides permanent death benefit coverage for the life of the insured. In addition to paying a death benefit, whole life insurance also contains a savings component in which cash value may accumulate..
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Universal Life Insurance is a form of permanent life insurance characterized by its flexible premiums, face amounts and unbundled pricing structure. The savings element, premiums and death benefit can be reviewed and altered as a policyholder’s circumstances change.
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Final Expense is a whole life insurance policy that has a small death benefit. Frequently, is commonly referred to as "funeral insurance," or "burial insurance" and is a small whole life policy with a death benefit of $5,000 to $50,000. It is a simple way for you to help lessen the burden on your family by ensuring they have the means they need to help cover funeral and/or burial costs.
How often should I review my life insurance?
As a general rule of the thumb, it’s a good idea to touch base with your life insurance agent at least once a year or whenever a life change happens. A life insurance review will help ensure your coverage is at the right level to protect your loved ones.
Life insurance often needs to be adjusted after a big change like getting married, having a baby, starting a business, retiring and more. In these kinds of instances, you’ll want to schedule a life insurance review with your life insurance agent as soon as possible.
