Life Insurance: Can You Live Without it?

Category: Personal Insurance

If you are beginning to research life insurance policies, chances are you have recently experienced a significant life event: perhaps you were married; bought a house; had your first child; had a brush with death; or any other life-changing circumstance. Most people do not consider this vital type of protection until they experience a milestone moment.

There are two main camps of life insurance: protection polices and investment policies. The first is usually known as term life insurance and offers death benefits to your spouse and/or children in the event of your passing. These policies can be limited to 1, 5, 10, or even 30 years and everything in between. Term life insurance is generally the most affordable type of policy and can help your loved ones pay for things like end-of-life care, funeral and burial expenses. It protects those you leave behind from shouldering added financial burdens while they are still grieving over their loss.

Investment policies, known as whole, universal or variable life insurance, are more complex. Many of these policies not only cover the death benefits featured in term life insurance, but they also provide a capital growth aspect. Some policies earn interest on the premiums you pay and others can be set up for estate planning and other financial vehicles. You can decide whether the benefits paid to your beneficiaries will help pay off a mortgage, finance a child’s college education, or have some set aside for a contribution to a charitable organization.

The type and limits of the life insurance policy you need depends on your family’s needs and what you wish to leave behind. Our agents can help you identify your life insurance goals and pair them with a policy to match. We will locate a number of quotes from a variety of providers, ensuring the life insurance policy you find will offer the best benefits at the most affordable rates. Contact us and rest easy knowing you can care for your loved ones long after you’re gone.

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