Life insurance, also known as life cover or life assurance, aims to provide your loved ones with financial support in the event of your passing. It can minimize the financial impact of your death and offer peace of mind to your loved ones.
The primary advantages of life insurance
- Life insurance payouts can help provide financial security for surviving family members
- It can help to lessen the impact of losing a parent or partner
- It can help make up for lost earnings for those you leave behind
- It can be used to pay off unpaid debts owed to loved ones, such as a mortgage
- Some insurance policies are designed to help with funeral expenses
Some add-ons, such as Critical Illness, can assist with lost earnings
- Most importantly, it can provide you with peace of mind that your loved ones are being cared for
Do something today to ensure their financial security tomorrow.
Types of Life Insurance
There are various types of life insurance policies. Below are a few examples of what we have to offer:
- Term Life — This insurance provides coverage for a set period of time. You get to pick the term. It is intended to supplement income and pay off large bills.
- Universal & Indexed Universal Life —Allows owners to invest their premiums, potentially increasing the cash value.
- Whole Life — Your premium will remain the same for the rest of your life. The death benefit is assured. Cash value grows at a fixed rate.
How Does Life Insurance Work?
A life insurance policy is a contract that protects you (the insured) and an insurer (the life insurance company). In the event of your death, the life insurance company pays a predetermined sum of money to your beneficiary (a person or organization of your choice).
You may designate any person or organization as your beneficiary, and you may designate more than one. That’s great news for parents who have more than one child and don’t want to favor one over the other.
The amount your beneficiary (or beneficiaries) will receive is determined by the amount of coverage you select. Best of all, according to current laws, your beneficiary will receive the benefit amount tax-free.
Do I Need Life Insurance?
Some people put off purchasing life insurance until a major life event occurs, such as a wedding, a new home, or the birth of a child. The most important aspect of life insurance is to purchase it before you need it.
It is also not limited to those who are married or have children. If you have a financial dependency on someone else, such as an aging parent, life insurance is a must. Not sure if you require it? Check to see whether you fall into one of the following categories:
- You’re married
- You have a domestic partner
- You have a spouse and kids
- You’re the primary breadwinner
- You’re single with kids
- You have a home
- You own your business
- You have student loan debt
- You’re retired
If this describes you, it may be time to purchase life insurance.
Contact us for a consultation regarding your insurance needs.