Life Insurance
Life Insurance is important if you are single or have a family.
What can having Life Insurance do for you?
When you have a life Insurance policy that is called Whole Life it will provide you with financial coverage for your whole life. This policy will not only help your beneficiary pay for your final expenses like whether you would like to be buried or cremated, it can pay any outstanding debt you might have left behind like medical bills, pay off a car, pay your final electric bills and more. Also can provide for you to leave a legacy to your loved ones.
What else does a whole life policy offer?
A whole life policy builds a cash value. With this option you can borrow against your policy's cash value to pay for a wedding, education, even a life long dream to travel or to help with retirement. The interest is based on the market value and if you don't pay it back then the loan and interest will be deducted from your polices death benefit before the policy is paid out to your beneficiary.
Insurance goes by age and health so qualifying for a whole life policy is more affordable when you are younger giving your policy time to build a cash value too!
When you are older it will not have had as much time to build a cash value but will help pay for your Final Expenses and possibly a little extra to leave to your beneficiary. Giving you peace of mind not to leave a financial burden to your family.
A Whole life policy may even come with living benefits. These living benefits are called Riders.
They can provide you with financial resources to help you if you are diagnosed with a terminal or chronic Illness. Giving you the option to take a large portion of your death benefit to use while you are still living and the remainder of the balance is used for your final expenses. These riders could be available at no extra cost.
A Term Policy:
A term policy is for a specific amount of time. It can be a 10 year, 15 year, 20 year and even a 30 year policy protection.
It does not build a cash value.
Term insurance is more affordable and sometimes it can be converted into a whole life policy before it expires.
With a term life policy it gives you a death benefit protection for the amount of years your policy is for.
A term policy can also be used as collateral to purchase a big ticket item.
Term life Insurance is good for a younger person to put some Insurance in place that's more affordable until your life changes with maybe a family. At that time then converting it to a whole life protection to protect your family financially if something were to happen to you to soon.
All Insurance pays your beneficiary when you pass away as long as you have continued making your premium payments.
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