What is Life Insurance?
People depend on you. When you die your family will suffer emotionally. Life insurance can save them from having to suffer financially as well. This makes Life Insurance one of the most important investments that you will ever make.
An appropriately designed life insurance plan can help your family meet their financial obligations and maintain their quality of life after you’ve passed. If you are a business owner, your life insurance program can help sustain your business, allowing it to continue, or, provide the funds and time for the implementation of a proper succession plan.
Understanding Life Insurance
There are two fundamental forms of life insurance:
Term Life Insurance – A term life policy provides a death benefit to your loved ones as long as you die during the policy’s term. This term might be a period of 10, 20, 30 or more years, depending on the expiration date of the plan you choose. You will have to reapply for a new policy if you want to continue coverage past that term.
Permanent Life Insurance – Permanent life insurance includes both whole life and universal life insurance. These plans will not expire unless you stop paying for them. Therefore, they can last for the rest of your life no matter how long you live. Additionally, these plans offer cash value investment opportunities in addition to death benefits, and the cash value component can enable you to receive a source of income during your lifetime or “pay up” your premiums.
Plus, there are many more specific types of life insurance coverage, such as:
- Final Expense Insurance
- Group Life Insurance
- Individual Life Insurance
- Key Person Insurance
- Life Insurance with Long-Term Care Benefits
- Mortgage Protection Insurance
- Second-To-Die/Survivorship Policy
Each type of plan has their own advantages and fit which is why it's important to speak to a professional to understand what's right for you.
Enroll in a quality life insurance plan that is perfect for your individual needs and protect your family. As your life changes, your policy needs will likely evolve too, and we’re there to help.
Please call or email us to learn more about life insurance. 561-272-0720 [email protected]