Life insurance is a crucial step in planning for your future and the future of your loved ones. It can fulfill promises made to your family if you are no longer around by providing a death benefit to your beneficiaries in return for premiums paid to the insurance company. Life insurance can also provide benefits while you are living. The policy can provide income tax-free money to your named beneficiary(s) that can be used to pay funeral expenses, debt, tuition, estate taxes or virtually any financial need you leave behind. The need for life insurance is dependent on your own personal and financial needs. We can assist you in determining what type and amount of life insurance is appropriate for you.
Generally, you should consider life insurance if:
Term life insurance provides life insurance protection for a specified period of time. If you do not currently have life insurance, term can be a good place to start. It’s generally less expensive than permanent life insurance, and is available in varying term periods with fixed premiums from a 10-year to a 30-year period (level term). Furthermore, term insurance is sometimes convertible to permanent coverage, providing you with flexibility as your needs change.