A life insurance policy can help ensure your family will be protected in the event of your death. We can help you choose the right policy for your needs, giving you and your family peace of mind.
Depending on your situation, your life insurance needs will vary. Factors like the presence of children living at home, your contribution to household income, outstanding debts and your life’s financial goals will all play into selecting the right coverage to fulfill financial obligations after your death.
Most life insurance falls into one of two categories: term or permanent insurance.
Term insurance provides protection for a specific time such as 5, 10 or 20 years and usually only offers a death benefit, but no cash value. In other words, your family is only paid a benefit if you die during the term of the insurance coverage. This coverage can help you meet temporary needs and is ideal if you need coverage for a certain amount of time, such as until your children are out of the house or college or until you have a large debt paid off, like your home mortgage.
Permanent insurance offers lifelong coverage. It combines a death benefit with cash value or savings component, which grows tax-deferred. Your beneficiaries receive the full face amount upon your death — as long as you pay the premiums and take out no loans, withdrawals or surrenders against the policy.
Since choosing life insurance is highly dependent on your circumstances and financial goals, we encourage you to contact us with questions to help you select the right policy for your needs.