Life Insurance 101
How Does it Work?
What Kind Should I Get?
Term Life Insurance can be a great way to help cover specific expenses—like a mortgage or college tuition—or provide “just-in-case” protection for those you care about. Premiums are level for a set period of time.
Whole Life Insurance can give you lifelong coverage with set benefits and premiums that never change. Your policy can also accumulate cash value that you can borrow against.
Universal Life Insurance can provide a lifetime of coverage with flexible premiums and benefits to help meet your specific needs. Your policy can build cash value to help pay for expenses during retirement and more.
Depending on your needs, one type may make more sense for you than the others.
What Does It Cover?
It may be difficult to think about—but at its core, life insurance is designed to help cover loss of income, funeral expenses, and other financial needs those you care about may have should you die unexpectedly.Many life insurance policyholders designate death benefits to cover end-of-life costs, but life insurance coverage can be used in a number of other ways as well. Your benefits can help your family cover their cost of living, pay outstanding debts, provide charitable gifts, and more
Why Should I Have It?
Life insurance is a great way to help protect those you care about.
Should you die unexpectedly, chances are your family may not be able to cover items such as funeral costs, medical bills, mortgage payments, funding retirement plans, etc. With life insurance, you can help ease financial burdens while they are going through a very difficult and emotional time.
What Can Life Insurance Be Used For?
Life insurance is a powerful, versatile tool for protecting not only your family, but also your legacy. It doesn’t have to be limited to paying off final expenses. Life insurance can also be used to help:
• Provide ongoing income for your family
• Make a gift to your favorite charity
• Leave an inheritance
• Protect the future of a small business, and more!
For more information call us today 952-469-1814