How Much and What Kind
Other than the independently wealthy, we all need life insurance. Or as we like to refer to it, Love insurance. Because life insurance provides financial protection for the ones we love. Even after we're gone, we can help take care of those we've left behind.
But it doesn't have to be a lot of money, or an expensive policy, to make a difference. Even just enough to cover the cost of a funeral can take a tremendous weight off a grieving family member.
How much life insurance, and what kind, depends on your your situation. There is a plan for everyone, and every situation. And the good news is you will never be younger and healthier than you are now, so the time to get life insurance is as soon as possible. Because the longer you wait and the older you are, the more expensive it gets.
Term life can be thought of like renting a house - you pay a flat amount each month, for a defined period of time, and when the contract is over, you don't own anything. They tend to be more affordable, easier to understand, and easier to put in place. These are excellent policies for younger people starting out, especially those with families and new mortgages.
There are various types of whole life insurance, from straight life insurance to policies that accrue value and function as an investment vehicle. Deciding which type of whole life policy would be best for you depends on your long-term financial goals. With our understanding of different polices from a range of carriers, we can help you find the right fit for you and your family.
Final expense policies can be thought of as a burial policy - just enough to cover the cost of a funeral. These whole life policies are only available to those over 40 or 50 years old, depending on the carrier. In most cases, you will collect more in payout that you will pay in premiums, making them a very smart use of money. There are few opportunities in life to get more than you paid for, and few insurance policies you are guaranteed to get paid on.