Life Insurance

Life Insurance

When it comes to Life Insurance, there’s two main options: Whole Life and Term.

Whole Life Insurance will remain in force for the duration of someone’s life as long as they continue to pay the premiums. It has higher level premiums but it comes with added benefits such as building cash value and living benefits. Generally speaking, people should be looking for a permanent policy at some level any time after the age of 50, if they haven’t already. Policy solicitations comes in a variety of ways, beware of mail solicitations as often times they carry a two year waiting period.

Term Insurance has an expiration date and does not accumulate cash value. Much like your milk and your eggs, eventually it will expire. If you have a policy and you have experienced a rate increase, that is a sign that you have term coverage. The need for term insurance can vary. Term life is often purchased to protect families and kids from the unexpected, the financial loss of income from a breadwinner. Think mortgage obligations, college tuition, bills, debts, and costs of living. Those are common needs for Term Insurance. This protection will pay the death benefit in the event of an untimely passing.

If you have an expiring term policy or unsure of what you have, best practice would be to have a Licensed professional review it for you. In many cases most are unsure of what they have and a benefits review can add some piece of mind.

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