Insurance that protects the financial well-being of your family and loved ones in the event of an untimely death. Life Insurance can benefit people at all stages of life and can be used to replace lost income, payoff a mortgage or secure a college fund - and much more to preserve your family's future.
You have options when looking at life insurance. These decisions depend on the individual and their circumstances and financial goals.
Term life insurance offers the greatest coverage for the lowest initial cost. Premiums are guaranteed to remain constant for a specific period of time, at the end of the term the premium will generally increase. This is a good option for debt that end, such as mortgage or if funds are limited.
In addition to death benefits paid to beneficiaries it also provides benefit while you're alive and can remain so long as you continue to pay your premium. The premiums build income tax-deferred cash value, meaning that the cash accumulation can help pay your premiums, the cash value can be borrowed. If the policy is cancelled you will receive a payment for that cash value. Permanent life insurance would be a good option if you have long-term needs like income for a partner, an inheritance, or end of life expenses.
Single people often think they do not need life insurance, but chances are there are people in your life who would be impacted financially if you were not longer around. Having life insurance can help provide support for loved ones left behind or help cover end-of-life expenses. Buying insurance young and healthy ensures you're covered even if your situation were to change.
Many young couples have people depend on them, whether it's taking care of a parent or being the sole provider for their household. Having life insurance ensures that those dependents are taken care of financially.
Both parents should consider life insurance, primary earner and stay-at-home parents. Life insurance can pay for services that stay-at-home parents provide. Younger people in good health generally qualify for a lower premium.
Single parents are responsible for child care and being the primary earner, life insurance can help provide financial assistance in the event that a family's sole provider has passed away.
A lot of retired couples depend on Social Security and pension income in order survive, when a spouse dies those payments may be reduced while the expense of living remains the same. Life insurance protects your partner from this reduction of income, personal losses do not become financial losses. Life insurance can also be a part of a legacy-planing strategy, ensuring that grandchildren can accomplish important goals.
Life insurance can be very beneficial to a business and can help an employer attract and retain employees. In the event of a key employee's death, life insurance can make it financially possible to hire and train a replacement, it can also help the partner or family members purchase the deceased share of the business.
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