Importance of Life Insurance & Why Do You Need It?

Whether you are single, married with kids, or have adult dependents to care for at the end of life, having life insurance is an essential aspect of setting you all up for success. Life insurance can provide you with money to cover medical costs, funeral planning, and support your family members in time of need.

If you are seeking information from a long-term insurance company in Boca Raton, know that understanding the life insurance process can help you plan for the future. Let’s take a look at what you stand to gain from procuring cover from a life insurance company in Boca Raton, and how you can make it work for you.

Life Insurance: What Is It?

Life insurance is a policy that is designed to help you protect your family and future. Even with substantial savings, it is highly unlikely that it would be enough to cover all expenses over several years if something happens to you. There are several different types of life insurance plans to choose from.

Term Life Insurance

Term life insurance will offer you coverage for a set period of time, anywhere from 10-30 years. Your coverage will expire at the end of the term, but many policies can offer an optional rider that allows you to renew or convert your policy if your needs change.

Whole Life Insurance

A whole life insurance plan in Boca Raton will not expire as long as you commit to paying the premiums. Whole life policies offer cash value that has growth potential; this can be borrowed from as well, but know that any loans or withdrawals come with income tax liabilities. Whole life policies are best for those whose needs are changing from children to dependent adults, or for those who want a long-term investment to grow.

Universal Life Insurance

Universal life coverage is similar to whole life in that it provides cash value, but you have the flexibility to adjust death benefits and premiums. Increases and changes in coverage are subject to underwriting and approval, but this type of coverage is an excellent choice for those seeking to make an investment across all stages of life. A qualified life insurance company in Boca Raton would be able to provide you with expert tips and advice on choosing the right plan for you and your family.

Why Do I Need Life Insurance?

Simply put, securing life insurance from a long-term insurance company in Boca Raton is a smart move to protect you and your family members from the devastating financial losses that can come with losing family members. Buying a comprehensive life insurance plan Boca Raton will set you and your family members up for success, no matter what life throws at you.

Contact us at Center for Long Term Care Planning in Boca Raton to learn more.