|
What
Coverages Do I Need?
Term Life Insurance
This coverage lasts for a
"term" you choose, usually 10, 15, 20, or 30 years. During
that time, your premiums are
guaranteed not to increase. If
you pass away during that time period, your beneficiaries get a cash
death benefit.
If you live longer than the
term period, you have the option to continue coverage for an annual,
renewable premium,
which is generally much higher.
You can usually convert a term policy to a permanent one without
getting a new
medical exam.
Permanent Life Insurance
There are two big ways that
permanent is different from term. First, the policy is meant to last
the rest of your life
(as long as you make the
required premium payments, of course). Second, part of the money you
pay in is set
aside in an account where it
can grow cash value that you can tap into later on. There are
several types of permanent
life insurance, each with
different advantages.
How
Does It Help?
Life
insurance helps you plan ahead, so your family will be taken care of
even if you can't be there for them.
The cash benefit paid out by life insurance can protect a lot of
things. If your spouse is depending on your income for
retirement, it can keep those
plans on track. If you've got a mortgage, it can pay off that debt
so your family won't lose
their home. And if you
want your kids to go to college, or you want to leave money behind
for them.
Who
Gets Life Insurance?
Even
if you've got life insurance through your employer, it doesn't go
with you if you switch jobs. If you develop a health
condition, you might not be
eligible for coverage somewhere else.
That's why most people would
benefit from having life insurance. Here are just a few examples:
Parents who want to make sure their children are cared for
Those
with debts they don't want to pass on to loved ones
People who want to lock in a
lower insurance rate while they're young
Homeowners who want to make
sure their family can pay off the mortgage if they should die
Families who rely on a
stay-at-home parent
Entrepreneurs who want to
protect their business
Those who want to leave a
legacy for their children and grandchildren
To get a quote:
click here
|
