A life insurance policy can help your family live a comfortable life in the event that something tragic happens to you. Life insurance will enable your family to continue their current lifestyle and help meet specific needs that your family will have in the future, such as:
- Possibly paying off your mortgage and providing your family with a debt-free home.
- Replacing your lost income.
- Paying off any outstanding credit card debt.
- good life insurance policy can fund a college education for your children.
- It often prevents the need for your spouse and/or children to have to deal with final expenses at the worst possible time.
The question of how your family will manage financially if you die prematurely, is one that must be considered. It’s a question that people would rather not think about. But if your family or spouse depends on you financially, it’s one you must consider.
All life insurance policies pay cash to your family or beneficiaries after you die, allowing loved ones to remain financially secure. And as of 2010, the death-benefit proceeds of a life insurance policy are rarely ever subject to federal income taxes.
If you are married or have a family you probably need life insurance, and if you already have it, you may need to update your coverage.
There are a variety of life insurance products that can ensure the financial security of your family if you are no longer able to provide for them. Without your salary your family will still need to afford medical care, the children will need funds for education, and if you own a home, the mortgage payments must be met.
Types of Life Insurance We Suggest
Term Life Insurance – This is the most affordable and often the best kind of life insurance. You have a guaranteed premium for a certain period of time that will provide benefits if you should meet your unexpected death.
Whole Life Insurance – This type of insurance provides coverage of the insured for their entire life. Unlike term life insurance, which covers the contract holder until a specified age limit, most whole life policies never expire. Upon the death of the insured the insurance payout is made to the family or beneficiaries.
Universal Life Insurance – This insurance provides your family or beneficiaries death benefits while allowing the insured to accrue cash value that can be used to fund any financial needs in the future.
Long Term Care Insurance – A type of insurance for those that want to ensure that they will benefit if they need long term medical care. This insurance leaves nothing to chance if you suffer a severe injury or develop a debilitating disease where you will need to be in a log term care facility.
You’ve probably worked hard to establish a financial framework for your family with investments, a home, and retirement plans. Life insurance is the foundation upon which all of these other investments rest. It can guard against the need for your family to make drastic changes to future plans when you die.
If you are married or have a family you probably need life insurance, and if you already have it, you may need to update your coverage. Let Jeff Pennington help you put together an insurance program that’s right for you. Call him today at 1-877-221-6198 to discuss your needs and get a selection of life insurance quotes for your situation. Jeff can answer all of your insurance questions and will provide friendly personal advice.