Every family has different needs when it comes to financial security, and each member fulfills different family needs. If you’re the primary wage earner in your family, life insurance is a good way ensure a stable financial future for your family. If you aren’t the primary wage earner, it’s important to help cover the financial burden of childcare, funeral expenses, and other unforeseen costs.
Life insurance can help provide monetary benefits to those you designate as beneficiaries, say your spouse, children or siblings. Purchasing life insurance can help make a difficult situation easier by providing benefits for:
If something should happen to you, how much money would your family need? You should consider:
Once you’ve determined how much life insurance you need and you understand your coverage options, you are ready to get a quote.
Term life insurance provides protection for a limited, specified period of time. If death occurs within the time limits on the policy, the benefits will be paid to your beneficiary. No benefits are paid if the insured person survives the length of the term policy.
Unlike other types of policies, term life insurance does not generate cash value. Term insurance is usually the simplest and least expensive means of protection, and is a good choice for short-range goals.
Permanent Life Insurance unlike term insurance, permanent life insurance does not have a specified term. Permanent insurance provides protection for as long as you live, and is a good choice for long-range goals.
A permanent life policy accumulates cash value. If the policy is cancelled before the insured dies, the cash value is payable. Loans may be made from the insurance company against the cash value of the policy at a rate guaranteed in the policy as security.