Understanding Life Insurance: What it is and how it protects you
The Life Insurance Line Up
Term Life InsuranceTerm life insurance is the most affordable type of life insurance with 10, 20, or 30 year options. This can be used as a financial safety net to make sure your family’s needs are met if you’re not there to provide for them by, replacing lost income, covering everyday expenses, paying off a mortgage, or fund your kids' education. If you're single term life insurance can help cover debts like student loans or medical bills, to ensure those costs don’t fall on your parents or siblings. This option is a cost-effective way to lock in low rates while you’re young and healthy.
Whole Life InsuranceWhole life insurance offers lifelong financial protection - as long as you keep paying your premiums. This option has cash value, which can be accessed while you're alive. The death benefit can help cover final expenses, pay off debts, or leave an inheritance. The cash value can also act as a financial cushion—you can borrow against it or use it for big expenses, like college tuition or home repairs. The cash value grows steadily and can become a financial resource later, whether you want to invest, travel, or fund your retirement.
Universal Life InsuranceUniversal life insurance is a type of permanent life insurance that offers flexibility. It provides lifelong coverage and includes a cash value that grows over time. The best part? You can adjust your premiums and death benefit to fit your needs as life changes. The ability to adjust the policy makes it a great choice for families with evolving financial needs. If you’re single, the cash value offers flexibility—you can access it for investments, big purchases, or savings goals. The adjustable premiums make it easier to manage as your budget changes.
Final Expense Life Insurance
Final expense life insurance is designed to cover the costs associated with your passing, such as funeral expenses, burial costs, and any remaining medical bills. This option is typically a smaller, more affordable policy with simpler approval requirements. It’s often easier to qualify for, making it a great way to protect your loved ones from financial strain.
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Permanent Life InsurancePermanent life insurance is a type of coverage that lasts your entire life, as long as you keep paying the premiums. Unlike term life insurance, it doesn’t expire, and it comes with an extra perk: a cash value that grows over time and can be used while you're alive. This option provides lifelong protection and financial stability by covering final expenses, leaving an inheritance, or paying off debts. Over time, the cash value grows, giving you a financial resource to use later in life—like a savings account with extra benefits. The cash value can also be tapped into during your lifetime to help with emergencies, fund a big purchase, or even supplement your retirement.
Feeling Overwhelmed?
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