Life Insurance to protect your family for generations
It’s possible to get a good life insurance policy to ensure you have a proper death benefit to hand down to your family when you pass away. Thinking about life insurance may be depressing, but it is something that must be done.
We will help you to determine the death benefit you need based upon the current standard of living your family is at, as well as cost of living adjustments over 20 or 30 years.
There are various types of life insurance policies available
Term life insurance is the most popular and that is because it is also the most affordable. You select a “term” of coverage between 5 and 30 years. This is essentially allowing you to get the coverage for the years where you may meet an untimely death and prior to when your 401k or other retirement savings would begin providing coverage.
There are also universal and whole life insurance policies to consider. These provide coverage for your entire life, regardless of how old you are now and hold you are when you pass away. These are more expensive. However, they also provide you with a retirement benefit because there is a cash value associated with the policy that you can borrow against. Universal and whole life each have their pros and cons and one of our insurance agents will discuss them with you.
The need for Life Insurance is real
The latest studies show: 40% of ALL Americans have no Life Insurance and that over 50 million Americans lack adequate Life Insurance.
Sadly, especially for the younger generation, the cost of a monthly cell phone or cable TV bill could easily purchase adequate Life Insurance for most individuals!!
There are (2) types of Life Insurance policies:
Term Insurance – (temporary Life Insurance)- provides protection for 5, 10, 15, 20 or even 30 years. (Death benefit is only paid if the insured dies during this period).
Permanent Insurance – Once purchased, designed to pay a death benefit when insured dies as long as the premiums have been paid all underwriting conditions have been met.