Life Insurance
It is a difficult topic for many families. We love planning our future but not looking at or discussing the possibility of what might happen if those dreams come to an end earlier than expected. None the less it it something that everyone should look at to ensure that should the worst happen they are prepared. Here are a few reasons you should look at life insurance and make sure your family is protected.
- Pay the mortgage
- Maintain their current standard of living
- Fund the kids’ college education
- Pay for final expenses
Do I need life insurance?
Life insurance is often used to when helping to support dependents, and can help provide immediate cash at death. Insurance proceeds are useful way to get cash for paying the deceased’s debts, funeral expenses, and income or estate taxes. People who do not have children who are minors or financially strapped dependents may not require life insurance. It is important to evaluate your life insurance needs. You should know exactly why you are purchasing life insurance and choose a policy for your needs.
What should I consider when naming life insurance beneficiaries?
Always name a secondary, beneficiary just in case you outlive your first beneficiary and always select a specific beneficiary rather than having the proceeds of your life insurance paid to your estate. Because of the complicated issues involved it is best to consult with your agent.
Does it make sense to replace a policy?
Sometimes but not always. It is important to understand the policy you are replacing first, and to think about the situations and effects dropping your current policy may have. Many factors should be looked at when deciding to replace a policy like. Things like current health, the premium of your current policy and effects of replacing a cash-value policy with another.
What are the different types of permanent life insurance?
There are four main types of permanent life insurance.
- Term Life
- Whole Life
- Guarantee Universal Life
- Index Universal Life
Whole Life and Term Life are your two most common options. Speak with one of our agents to make sure you choose and option that best protects your family.
What are accelerated death benefits and how do they work?
A lot of policies contain a provision that will allow a terminally ill person to collect on a significant portion of their life insurance policy’s benefit while still alive. The money can is often used to get family finances in order, pay for medical expenses, or even to do certain things for your family or friends while you still can.