Life Insurance

There are many kinds of life insurance, but they generally fall into two categories: term insurance and permanent insurance.

Term insurance is designed to meet temporary needs. It provides protection for a specific period of time (the "term") and generally pays a benefit only if you die during the term. This type of insurance often makes sense when you have a need for coverage that will disappear at a specific point in time. For instance, you may decide that you only need coverage until your children graduate from college or a particular debt is paid off, such as your mortgage.

In contrast, permanent insurance provides lifelong protection. As long as you pay the premiums, and no loans, withdrawals or surrenders are taken, the full face amount will be paid. Because it is designed to last a lifetime, permanent life insurance accumulates cash value and is priced for you to keep over a long period of time.

It's impossible to say which type of life insurance is better because the kind of coverage that's right for you depends on your unique circumstances and financial goals.

But remember, the best way to figure out the amount and type of life insurance that makes sense for your particular situation is to meet with a qualified and licensed life insurance professional.

 

A life insurance policy can easily cover the cost of a funeral. Your family will be able to think of you and have peace of mind without being burdened by funeral costs.

 

A life insurance policy would allow your spouse or children to pay off your outstanding debts and spare them the stress of making monthly payments on the home and car(s).

 

Life insurance can help support a surviving spouse during his or her retirement.

 

A life insurance policy would allow your spouse or children to pay off your outstanding debts and spare them the stress of making monthly payments on your car(s).

 

A life insurance policy can keep a business moving along even during tough times, such as the loss of the business owner/partner. Key person life insurance is payable to the company and provides money for training and hiring of a new employee. A buy-sell agreement, funded by life insurance, allows the other partners in the business to buy the deceased’s share of the business, which will provide money for his or her family.

 

Life insurance can replace the income you would usually bring in and help support your spouse or adult children. Keeping your loved ones living in the way they are accustomed to is an important thing to think about.

 

Having life insurance could secure the future for your children if you have an untimely death. With a life insurance policy, there would be enough income to help pay for everything your child could need while growing up.

A life insurance policy can easily cover the cost of a funeral. Your family will be able to think of you and have peace of mind without being burdened by funeral costs.

A life insurance policy would allow your spouse or children to pay off your outstanding debts and spare them the stress of making monthly payments on the home and car(s).

Life insurance can help support a surviving spouse during his or her retirement.

A life insurance policy would allow your spouse or children to pay off your outstanding debts and spare them the stress of making monthly payments on your car(s).

A life insurance policy can keep a business moving along even during tough times, such as the loss of the business owner/partner. Key person life insurance is payable to the company and provides money for training and hiring of a new employee. A buy-sell agreement, funded by life insurance, allows the other partners in the business to buy the deceased’s share of the business, which will provide money for his or her family.

Life insurance can replace the income you would usually bring in and help support your spouse or adult children. Keeping your loved ones living in the way they are accustomed to is an important thing to think about.

Having life insurance could secure the future for your children if you have an untimely death. With a life insurance policy, there would be enough income to help pay for everything your child could need while growing up.