What is a life insurance policy?
A life insurance policy helps your family in the event of your passing. Your beneficiaries will receive money to use as they see fit in a difficult time.
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When to get life insurance?
Many people get a life insurance policy when they experience major life events, for example:
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If you were just married
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You bought a new home
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You're expecting a new baby
"A man who dies without adequate life insurance should have to come back and see the mess he created."
- Will Rogers-
Term Life Insurance
Term life insurance could help protect your loved ones financially if you pass away. This designed to be affordable coverage is set for a specified time, generally 10 to 30 years. Term life can help provide peace of mind for your family's financial stability during critical periods of your life, like while raising children or paying a mortgage.You may choose to highlight other things like courses or programs, or to share special features about your business that you want to promote. Double click on the text box to edit the text and make it your own.
Term life pays if you pass away during the policy term. This payment is known as a death benefit and is paid to your beneficiaries. Term life insurance may be a good fit if you want coverage for a set period of time to help protect your loved ones if you were to pass away. It's ideal for those with specific financial obligations who want a more affordable and straightforward coverage for a defined length of time.
Whole Life Insurance
There's a few main differences between whole life insurance and term life insurance.
Premiums: Whole life offers fixed premiums for as long as you pay your premium. Term life on the other hand, has premiums that could go up over time.
Build cash value: Whole life typically offers the ability for you to build cash value you can potentially borrow against or use for other financial needs. Term life doesn't.
Timeframe for coverage: Whole life can cover you for your entire life and give you the potential to access funds during your lifetime making it a more comprehensive solution. Whereas term life offers coverage for a specific time frame and no borrowing options.
Whole life insurance is typically a good fit for you if you're looking for lifelong coverage and want to build cash value over time.
Benefits whole life insurance can include
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Financial assistance for loved ones
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Help planning for estate taxes or legacy planning
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Access to accumulated cash value for possible future needs like education expenses or supplemental retirement income
Whole life insurance is also designed to provide you fixed costs and help ensure you're covered for your entire lifetime.
Final Expense Life Insurance
Final expense insurance, also known as burial insurance, is a type of life insurance that is specifically designed to cover outstanding expenses and funeral costs after a loved one passes away. With the cost of an average funeral running into the thousands, a final expense policy can provide much needed protection from not only burial expenses, but also any remaining medical costs, potential legal costs as well as other outlays.
Final expense policies will have a lower face value than most traditional term or whole life policies as they are intended for a specific purpose of covering those final costs rather than providing comprehensive support for surviving family members.