The greatest gift we can give the people we love most is the gift of security. When you have children and loved ones who depend on you for income, a sudden loss could cause extreme economic repercussions. Life insurance gives you the assurance that your family’s financial needs will continue to be met if you were to suddenly pass away.
Why Purchase Life Insurance?
For many households, life insurance is the cornerstone of a strong financial foundation. When you purchase life insurance, you take a step toward safeguarding the people who look to you for financial support. Ask yourself the following questions:
- How would your family support itself if you pass away?
- Could your children still attend college without your income?
- Could your spouse maintain his or her current lifestyle?
- Would your family be able to remain in your home?
- Would your family be burdened by household debt?
Often, the unexpected passing of a household earner or caretaker leaves surviving family members encumbered with hardship. Even homemakers who do not earn an income can leave a financial void to fill since the family is likely to require professional services to manage childcare, household chores, and more.
Types of Life Insurance
There are two primary types of life insurance, each of which offers various benefits and may be used for different purposes. While both offer a death benefit to the policy holder, it is the provisions within the policies that define them.
Term Life Insurance
Term life insurance is coverage with a pre-determined expiration date. It is known for providing benefit amounts at low, budget-friendly prices. Premiums are paid into the policy – never increasing – until the policy has reached maturity. Terms can vary at 5, 10, 20, or even 30 years from the start date depending on the needs of the insured. Although term life insurance does expire, it is most beneficial to workers during their earning years when they are saving for the future and supporting dependents. With death benefits worth hundreds of thousands of dollars, these policies can provide income replacement in the event of an untimely death.
Permanent Life Insurance
Permanent life insurance – also known as whole life insurance – is coverage that never expires. Although the premiums are generally higher than term coverage, these policies can provide living benefits in addition to death benefits. As you pay your premiums, permanent life policies accumulate cash value. You may also be able to borrow against your policy for future expenses, such as a child’s college education.
Life Insurance Quotes in Shawano, WI
Purchasing life insurance is not a task that should be put off for the future or a more convenient time. The price you pay for coverage will depend on your age and health, which are two factors that could quickly change over time. Instead, we recommend purchasing private coverage as early in life as possible – not relying solely on your employer’s group coverage. Private policies offer coverage that is not contingent upon your employment, meaning you will continue to be insured even if you change jobs.
If you are ready to purchase life insurance, make sure you work with a trusted Shawano independent agent who can answer your questions, explain your options, and help you determine how much coverage is right for you. For more information or to request your free life insurance quote, contact Anthony here at Feivor Insurance today.