LIFE INSURANCE
Life insurance can be an important part of your family’s long-term financial planning. However, shopping for the right coverage can be intimidating.
All life insurance policies have one thing in common – they’re designed to pay money to the “named beneficiaries” when you die. The beneficiaries can be one or more individuals or even an organization.
In most cases, policies are purchased by the person whose life is insured, but life insurance policies can be taken out by spouses or anyone who is able to prove they have an insurable interest in the person.
There are many different types of life insurance policies. However, they fall into two classes of life insurance products: term and cash value. Take the time to explore your options and potential needs with a trusted advisor before you make a commitment.
WHO NEEDS LIFE INSURANCE?
Your need for life insurance varies with your age and responsibilities. It is a very important part of financial planning. There are several reasons to purchase life insurance. You may need to replace income that would be lost with the death of a wage earner. You may want to make sure your dependents do not incur significant debt when you die. Life insurance may allow them to keep assets versus selling them to pay outstanding bills or taxes.
Consumers should consider the following factors when purchasing life insurance:
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Medical expenses previous to death, burial costs and estate taxes;
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Support while remaining family members try to secure employment;
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Continued monthly bills and expenses, day-care costs, college tuition and retirement.
This information is obtained from the National Association of Insurance Commissioners.
By contacting the phone number on this website you will be directed to a licensed agent.