Life insurance is an undervalued but necessary part of our personal portfolio as hard-working Americans. For one, it protects our precious assets and, more importantly, it protects our families. It protects what we most love, especially when we no longer can.
At its core, life insurance provides peace of mind that our legacy of hard work and effort will continue after we are gone. The purpose of this blog post is to educate you on the benefits of obtaining life insurance and to help you navigate the many types of life insurance available to you.
We are with you every step of the way from choosing the right option to filling out the paperwork to dealing with the insurance carrier.
Let’s get started!
BENEFITS OF LIFE INSURANCE
- Non-Taxable! Life insurance provides a non-taxable fund for your loved ones at the time of your death. “Life Insurance, Why Buy it?”
- Protects Against the Unexpected Though we all plan to live forever, life happens...the routine medical visit becomes a 6-month life expectancy; a trip to the grocery store takes a tragic turn and we can’t predict any of it. While our futures are both precious and unpredictable, our family’s financial security does not have to be. With the right, AFFORDABLE life insurance product, you can rest assured that you have done your absolute best to manage unforeseen risk and insure against the unpredictable.
- If I Were to Die Tomorrow, Would Someone Take On My Debt? Not only do we want our families to continue living in their accustomed lifestyle after we are gone, we certainly do not want them to assume our debt. Do we own a house? Are there car payments? Life insurance can provide debt relief in the event of our death. And that is peace of mind that CAN be bought.
TYPES OF LIFE INSURANCE
There are numerous types of life insurance available for purchase, but let’s look at the teo most common in order to keep it simple:
- Term Life This is a “use it or lose it” type of insurance. You pay an annual premium (amount) set by the insurance company. Term Life is typically the best option for most people because it is the most affordable.
For example, You might purchase a 20-year term policy, with a premium payment of $600 a year, The policy is worth $1 Million. If you die within the twenty years and are current on payments, your beneficiary will receive the entire $1 Million, tax-free.
- Whole Life This is “permanent” life insurance. Unlike term, it does not expire after, say, twenty years. This type of insurance has a death benefit amount but it also has a cash value which accrues interest in a type of savings account.
An important thing to understand is that Whole Life Insurance can cost significantly more than Term Life, which is why it is less popular.
The very best thing you can do in the process of obtaining life insurance is to work with an agent you can trust with the bare facts of your life. That is the only way you can be assured that you are getting the right insurance for your specific situation.
Your agent is the best person to help you through this because of their deep knowledge base not only on insurance but on policy changes and the administering of the account. We are insurance professionals that have seen and covered just about every scenario there is so we can truly help you with your desire and need to protect your family. We build long term, meaningful relationships , our clients are our family. Contact us today to discuss your life insurance options.
We wish you health and blessings.