Life Insurance
Life insurance is an important component of any financial plan. If you have dependents, you only want the best for them. If an accident takes your life, your loved ones will need financial compensation to protect them when you are gone. That is the main reason why about half of the American population owns life insurance.
Regardless of your situation, we believe that you deserve financial security for your loved ones. As such, we offer various life insurance policies.
What Is a Life Insurance Policy?
Life insurance is a contract. Think of how you would buy insurance for your property or car. If you encounter property damage or survive a car accident, your insurance policy will pay for the damages. With a life insurance policy, you have financial protection in case of death. Your dependents will receive death benefits when you lose your life. The terms of a functional life insurance policy change based on the specifics of your living situation.
What Are the Benefits of Life Insurance?
Having a life insurance policy offers several benefits, such as:
- Funeral Expenses: An insured’s dependents may not always have the financial resources to cover funeral and burial costs. These prices also keep going up, so it’s important to protect anyone who depends on you financially from the costs of an accidental death.
- Lost Wages: Life insurance policies can make up for a person’s lost wages. Similarly, it can put a price on a person’s time at home if they were a stay-at-home spouse who depended on their loved one’s income.
- Pay Off Debts: With the right type of policy, your life insurance can cover any debt you accrued while living. Relevant institutions will collect the money from your insurer, which will ensure that your policy accounts for all debts that need paying off.
- Fund College Tuition: Certain life insurance policies can serve as plans to pay for college tuition. This benefit is especially useful if you pass away before your children reach tertiary education age since you already have a plan for them.
- Cover Elder Care Expenses: People with life insurance can still utilize their policy to after a set term. Instead, they last as long as you maintain your premium payments. These policies can also double as a savings account where you can cash out for your financial needs. Different kinds of permanent life insurance policies include:
- Whole Life Insurance: These policies are usually what you get when you look for permanent policies. They remain effective as long as you pay premiums. Part of the premiums you have carry a cash value, which will grow as long as you keep the policy alive.
- Universal Life Insurance: These permanent life policies give you adjustable premiums and access to the cash value. If you withdraw money from your policy’s cash value, your policy’s charges may adjust accordingly.
- Variable Universal Life Insurance: This type of permanent life insurance policy is both a cash value account and a savings account. As the policyholder, you can control how to use your cash value.
How Do I Choose a Life Insurance Policy?
Every policy offers something unique for a specific individual. For example, if you are the main provider for your family, you can use term insurance until your children are old enough to take care of themselves. On the other hand, if you want to leave an inheritance, you should get a permanent life insurance policy.
Choosing the right life insurance policy requires comprehensive planning and an assessment of your current situation and goals. Consider getting help from our experts to find the best one. Our team can explain the advantages you would have when getting one policy over the other.
Our financial professionals will carefully assess your situation to determine how much coverage makes sense for you and ensure it fits within your budget.
Let Us Customize Your Life Insurance Policy
There is no better time than now to get life insurance. As your family’s primary supporter, your life is valuable, and we intend to maximize that value for your loved ones in case something happens to you.