Life insurance is the best way to protect your spouse, dependents, and legacy. Of course, no one wants to think about the possibility of dying suddenly— in an accident, by unexpected illness or even of natural causes— but let’s face it, it can happen at any time. Life insurance will help your loved ones pay the mortgage, bills, and other debts you leave behind. It also provides [almost] immediate tax-free funds to pay for estate and funeral expenses, which on average cost upwards of $7,000 to $10,000.
Life Insurance Can Help:
- Replace your income with non-taxable death benefit
- Reduce the financial burden on your family of having to continue without you
- Put the kids through school
- Pay the mortgage, bills, and other debts you leave behind
- Pay your funeral expenses
- Pay your estate taxes
Three Types of Life Insurance:
- Term Life: Generally less expensive than other life insurance products and is designated for a certain time period or to a certain age. Term is named for the contract’s limited length or “term” and is pure life insurance. Term policies generally last for 1, 5, 10, 15, or 20 years, or to some specified age such as age 65 or age 100.
- Whole Life (or permanent): The most consistent policy you can buy. Whole Life coverage does not expire after a certain time period; it is lifetime coverage at a consistent premium.
- Universal Life: Flexible premium and death benefit amounts. With Universal Life you’re able to change the amount of your premium payments and/or death benefit after you buy the policy. Increasing your premium payments as you age is important to maintaining your universal life policy.
We can help you determine which life insurance option is best for you and can “shop” your policy with the highest ranking carriers in country to ensure you get the best value for your money.