Why is Life Insurance so important?
Upon your or your spouse's death, Life insurance will protect your family from financial tragedy. A death of a loved one causes an enormous amount stress and grief for family members. By protecting your family with Life Insurance, your protecting their current and future financial well being. Without Life Insurance your family will have added stress due to:
- Financial costs of funeral arrangements
- Living expenses with one less paycheck
- Added daycare or nursery costs
- Depletion of child's education funds to cover monthly bills
- Depletion of surviving spouse's retirement to cover monthly bills
- Depletion of investment accounts, properties, etc.
- Loss of home to cover outstanding, current and/or future bills
- Loss of current lifestyle, activities, etc.
- Loss of family business
- Bankruptcy or collections
- And more
Whole Life Insurance can protect your family in case of death, and it can also provide funds to you or your spouse while still alive. These funds can be used for any purpose, most people however, use these funds for retirement income supplement or for a child's education.
Term Life Insurance offers a short-term insurance plan, usually from 1-20 years of coverage. This allows you to purchase Life Insurance for a specific period of time, for example, while your children are going through college. These policies can be cheaper per month, but may cost more overall, because your age will increase and another short-term or long-term policy's premiums will increase with age. This policy does not build a cash value.
Universal Life Insurance is similar to Whole Life Insurance, by allowing a (borrow able) cash value to build up as you pay your premiums. The difference is the premium is paid into an account that accrues interest.
Variable Life Insurance allows the cash value of your policy to be vested in the financial market. These vested accounts are just like any other investment, with the opportunity to grow or deplete itself. An Insurance agent will be able to advise if this risky option is for you.
Most Financial Professionals will include Life Insurance as part of your families financial plan for more financial security. So how do you choose which policy is best for you and your family? How much Life Insurance coverage should you purchase? All of these questions and many more can be addressed with a licensed Life Insurance Agent in your area. You can do this by filling out our on-line quote form. So receive your rate quote from an agent in your state area, it's absolutely free with no obligation at all! Get your NO HASSLE rate quote TODAY - click here!