Whether you’re newly married and just beginning a family or have already accrued several kids and a dog, you can benefit from what life insurance has to offer. Life coverage will protect your family financially in the event of your unexpected demise.
When it comes to life expectancy, there are no guarantees you will reach the ripe old age you desire. By obtaining life insurance coverage, however, you can prepare for the unexpected by protecting those you leave behind. Life insurance will provide your family with valuable financial resources that will help them after you’re gone. The benefits from your policy will give your spouse and kids the financial stability they need to carry on.
There are several types of life insurance and these are the most well-known:
1) Term- term insurance locks in a set death benefit amount for a set period of time. The rates stay fixed and if you pass away during that time, the benefit would go to those you’d designated as beneficiary. Term is the least expensive way to purchase a substantial death benefit over a specific amount of time.
2) Whole life- whole life remains in force your whole life and premiums are to be paid continuously. Whole life has insurance and an investment component. The investment accumulates cash which can be withdrawn from or borrowed against.
3) Universal life- universal life is a permanent life policy which also provides cash value build up. Unlike whole life, universal life allows you to use the interest from the accumulated savings to help pay premiums.
There is no ONE SIZE FITS ALL with life insurance and it’s important to review your options with a licensed agent. No insurance coverage will ever replace the life of someone you love, but it can ease the financial burden of their loss.
To learn more about life insurance, disability insurance and individual and group health insurance coverage in Southern California, contact Stacy My Insurance Lady, your independent insurance broker.