If you support others—either financially or with a time commitment, you should consider a life insurance policy.
Ask yourself the following questions:
How will necessary bills like mortgage, car payments, or utilities be paid in the event of my death?
How will my family cover my financial expenses?
How will my family replace my income after my death or if I become disabled?
You may already be familiar with the basic concept behind a life insurance policy, but you may feel overwhelmed by your choices. Life insurance has many different variations and elective features, all designed to match a variety of consumers’ needs. Selecting the right insurance policy for your situation involves a great deal of examination and expert guidance.
A death benefit is the primary value that all life insurance policies provide. In the event of your death, your beneficiaries receive a benefit payout that helps with final expenses and replacing your income. With the expenses that a household might have—such as a mortgage, car payment, utilities, or a college education—losing financial support can place a significant burden on your family in addition to grieving your loss. Life insurance protects your survivors and ensures that you can still provide for your family, even when you are no longer here with them.
While securing a tax-free death payout is the main benefit of a life insurance policy, many consumers are unaware that certain types of life insurance can be used to accumulate a cash value that can accessed during their own lifetime. These life insurance policies grow a tax-free cash value that can increase the overall death benefit of the policy and may be accessed through loans or withdrawals. Some individuals will even use the cash value in their life insurance policy as a source of supplemental retirement income or as the means to fund vacations or cover emergencies.
Health Insurance can cover both expected and unexpected health care expenses including: routine visits, medications, emergency stays, and serious surgeries.
Car Insurance covers cars, motorcycles, trucks, and other vehicles, and is intended to protect against physical damage or bodily injury that could result from driving.
Homeowners insurance covers the house you reside in and is used to maintain your home and keep its property value high, whilst protecting you from major damage.
Umbrella Insurance is used to extend coverage on a previously existing insurance policy.
A Life Insurance policy can help ease the financial burden that can be placed on the spouse and dependents, in the event of a death.
Renters Insurance is used by tenants to cover personal property in the event of damage or theft.
Disability Insurance provides those insured with income when they are no longer able to work due to illness and/or disability.
Long-Term Care Insurance policies reimburse policyholders for a daily amount for services to help them with everyday living activities.