Protection for Your Loved Ones
You provide your family with love, advice, and everything they need. But if something happened to you, what would your family do? Life insurance can be a crucial part of your overall financial plan as well as offer your loved ones some protection after you have gone. A couple key moments in life that may trigger the need for life insurance are- getting married, the birth of a child, buying a home, and adding family members.
There are four common types of life insurance plans:
Term, Permanent, Final Expense, and Guaranteed Issued Life Insurance. We can help you decide what kind and how much life insurance you need.
Term Life Insurance
Term life insurance can help with the loss of a contributing member of the household by helping to pay for childcare, education, mortgage expenses—all the things that make a full life. It can give you coverage for a competitive monthly cost and provide you with the knowledge that you have helped plan for a secure financial future for your family.
Term Life Insurance Benefits:
- It can provide a guaranteed monthly income stream to help with the day-to-day living expenses of those left behind.
- It can provide a cash resource to help pay unexpected medical costs that can arise from a qualifying chronic, critical, or terminal illness.
- It can provide the ability to ensure funds are distributed the way you wish among your beneficiaries.
- It can provide protection against the loss of a key employee in a small or family-owned business./li>
Permanent Life Insurance
Permanent life insurance provides lifelong protection, and the ability to accumulate cash value on a tax-deferred basis. Unlike term insurance, a permanent insurance policy will remain in force for as long as you continue to pay your premiums. The need for life insurance often persists long after the kids have graduated college or the mortgage has been paid off. If you died the day after your youngest child graduated from college, your spouse would still be faced with daily living expenses. Premiums are initially higher than for term coverage.
Permanent Life Insurance Benefits:
- It can be a cash value, and the policy owner may be able to borrow against it tax-free or use it for retirement or other goals (like education).
- It can create a legacy for grandchildren, future generations, or your favorite charity.
- It can sustain a business you want to see continue after you’re gone.
- It can equalize inheritances among beneficiaries.
Final Expense Insurance
Final expense insurance is designed to cover the bills that your loved ones will face after your death – think medical bills and funeral expenses. Final expense insurance is also known as burial insurance, since even bare-bones funerals cost thousands of dollars. Many middle-class families are quite unprepared for even the burial costs, much less all of the other expenses. Elderly people often have to live on very tight budgets after retirement, and they cannot always be expected to have several thousand dollars saved.
Final Expense Life Insurance Benefits:
- The beneficiary will receive any money over the cost of the funeral.
- It removes a lot of the health-related nuance of traditional life insurance, such as the paramedical exam, which means you’ll get covered much more quickly and in circumstances where you might not otherwise.
Guaranteed Issued Life Insurance
Guaranteed Issued Life Insurance means that regardless of your health, you cannot be declined or turned down. Because the life insurance company can’t determine through a medical exam or questions the extent of your health, you should expect to receive higher than normal rate quotes. Most people who apply for guaranteed issue life insurance are generally not in good health and may have been denied coverage at one time.
Guaranteed Issued Life Insurance Benefits:
- The insurance company will offer this policy to any applicant regardless of his or her past or present health concerns..
- Usually take days, instead of weeks, to approve.
- Do not involve medical questions or exams.