Though many most people acknowledge that obtaining life insurance is very important, many seem to think they can wait and get it down the road, when they’re older. Nothing could be further from the truth- Everyone can greatly benefit from this kind of coverage because death can happen at any time, for a vast number of reasons besides old age. Many good policies can be obtained for a reasonable premium.
All kinds of life insurance are essentially designed to provide compensation to a policyholder’s beneficiaries when they die. During the process of obtaining a policy, one basically settles on a level of payout and determines who these beneficiaries shall be. Many will normally opt to designate a life partner or a child as the beneficiary. Alternatively, one can also arrange for the payout to be provided directly to their estate.
There are quite a few kinds of life insurance coverage offered. Term life is a common choice due to the generally lower premiums paid for the coverage. It will pay out a fixed amount should the insured party die previously to the expiration of the term, which is often 10 to 30 years. Whole life coverage, on the other hand, does not have a limiting term and can also build up cash value over time. Universal whole life insurance is an excellent alternative that allows one to plan through investments, something that can often result in survivors having to pay fewer taxes.
The good news is that life insurance can be affordable for virtually everyone. When funds are not abundant, you can obtain a term life plan at an attractive premium that will help to pay for final expenses, such as funeral costs. Later, you can add a whole life plan when funds are more available. This kind of plan can help with paying for things such as your children’s college costs, paying off a home mortgage and, of course, ensure that your loved ones have all that they need to move on and, in the meantime, even live life in the manner they have been accustomed to.
Learn how to protect your family today by speaking with one of our dedicated insurance specialists.