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WHY LIFE INSURANCE MATTERS & WHERE TO START
As we age, get married, begin our careers, start a family, we strive hard to protect our family and our loved ones. In life, it is important to take every measure to ensure the well-being of your family, in any circumstance. Life is unpredictable, so whether or not something happens to you, make sure that your family is protected. Protect against loss of income, protect your child’s education, and focus on maintaining payments on your home mortgage, your standard of living, and more. Simply put, if the idea of protecting your family is important to you, you need life insurance. Life insurance is the key element to creating a sound, secure financial plan, specifically for those who are most important to you: your family. There are many types of coverage plans, and although it may appear confusing and expensive, it is in fact, very simple and affordable.
HOW DOES IT WORK
Your life insurance plan is completely up to you: you determine the amount of coverage, the length of time of coverage, and payment plan (monthly, annually, or quarterly over 10, 20 years or even over a lifetime).
TYPE OF LIFE INSURANCE: TERM VS. PERMANENT
Looking for affordable options that are custom to fit you, your budget and lifestyle? You have the option to select the affordability of term insurance or lifelong protection plus cash value of permanent insurance- or you even have the option to combine both. TERM: Term policy is less expensive than a permanent policy, and provides coverage for 10, 15, or 20 years. With this option, if you die while this policy is still in effect, the term life pays out to your beneficiary, also known as “death benefit”. With term insurance, it gives you the complete peace of mind that your family will be protected financially in the event that you pass away Reasons to select term insurance:
- Prefer affordability
- Need coverage until a particular age (ex. children’s education)
- Home mortgage
- Auto loan
- Outstanding debt
PERMANENT: Permanent policy, also known as “Universal Policy”, provides lifelong coverage and allows for guaranteed payout, no matter the date when you pass away. You have an option for “cash value”, which are funds that can be withdrawn from your permanent policy. The cash value begins small and then grows gradually, tax-free. Reasons to select permanent insurance:
- Financial needs for lifelong dependents
- Estate planning
- Business legacy
- Final expenses
LIFE INSURANCE RATES
The cost of life insurance premium rates vary, depending on the insurer, the type of insurance, and the specific amount of coverage needed. Other factors include your health, age, overall well-being, and timing of purchase. Keep in mind that as you continue to age and wait to purchase life insurance, your age and health is a factor, so the sooner you purchase life insurance, the lessening of cost and risk follow.
HOW MUCH LIFE INSURANCE YOU SHOULD BUY
It is imperative to know that life insurance must be formatted to fit your life circumstances. How much life insurance you obtain must be subject to your specific life situation. It is not suggested to use online calculators or formulas. Rather, it is safest to analyze you and your family’s lifestyle and life needs, and estimate the cost personally. A few important components to consider when selecting amount of coverage:
- Final expenses
- Mortgage rates
- Children’s education
- The amount of funds needed to maintain your family’s standard of living
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