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Why Life Insurance is Important
To put it simply, life insurance protects those who depend on your paycheck. If you die prematurely, life insurance provides your dependents with ongoing income to replace yours, until they can live comfortably without it. It can also provide a timely emergency fund for legal and funeral costs, should family savings not be adequate to cover them.
Given this simple definition of life insurance, it should be easy to decide whether you need it. Start by imagining yourself gone tomorrow. What would the impact be?
Could your family afford the funeral expenses? Have you left a complicated will, or perhaps no will at all? More importantly, what about your spouse, children, and other dependents? Are they counting on your paycheck in the years ahead to cover basic needs and/or future savings goals? If you are the primary caregiver to dependents, what will it cost to replace you with a paid provider, and for how long?
If you are the sole breadwinner for a large family with little savings, you are likely to need substantial life insurance. After basic food and housing is covered, life insurance premiums are likely to be next in line in terms of priority, perhaps even ahead of auto loan and credit card payments, and certainly ahead of retirement savings
Types of Life Insurance: Term, Universal, More
Life insurance is chosen based on the needs and goals of the owner. Term life insurance generally provides protection for a set period of time, while permanent insurance, such as whole and universal life, provides lifetime coverage. It's important to note that death benefits from all types of life insurance are generally income tax-free.
Term Life Insurance: is designed to provide financial protection for a specific period of time, such as 10 or 20 years. With traditional term insurance, the premium payment amount stays the same for the coverage period you select. After that period, policies may offer continued coverage, usually at a substantially higher premium payment rate. Term life insurance is generally less expensive than permanent life insurance.
Universal Life Insurance: is a type of permanent life insurance designed to provide lifetime coverage. Unlike whole life insurance, universal life insurance policies are flexible and may allow you to raise or lower your premium payment or coverage amounts throughout your lifetime. Additionally, due to its lifetime coverage, universal life typically has higher premium payments than term.
Whole Life Insurance: is a type of permanent life insurance designed to provide lifetime coverage. Because of the lifetime coverage period, whole life usually has higher premium payments than term life. Policy premium payments are typically fixed, and, unlike term, whole life has a cash value, which functions as a savings component and may accumulate tax-deferred over time.
Final Expense: covers expenses associated with death, such as caskets and embalming, can have a substantial financial impact on those you love. Final expense life insurance can help protect loved ones from having to pay these costs out of pocket. An average funeral exceeds $8,000. In most cases, a basic funeral service will include a memorial, death certificates for the deceased, and housing the remains. In addition to those costs, there are also charges involved for goods and services, such as transportation, preparation and embalming, use of the funeral home, a casket and headstone, a burial plot, gravesite, the burial service or alternatively, cremation.
Accidental Death: provides a death benefit, which is a guaranteed amount paid to your beneficiaries if you are killed in a covered accident. This benefit is payable on its own or in addition to your life insurance coverage. Accidental death insurance also provides monetary support in the case of a covered accident that leaves you without vision or a limb.
Talk to Life Insurance Pro Now
Buying life insurance can be challenging. Do you know whether term life, universal life or whole life is best for you and your family? What does the monthly premiums look like, will they stay the same or grow over time?
Let licensed experts help! We can connect you to life insurance agents to find the right life insurance plan. They provide an easy way to compare various plans, review features, and find a proper policy for your specific needs.
Simply call 1-855-908-1377.
