Life Insurance 101
Life insurance is one of the best tools for ensuring your loved one’s futures are financially secure in the event of tragedy. When you decide to purchase life insurance, you can choose between term or permanent. To make the right decision, you should know and understand your options:
TERM LIFE INSURANCE: Term life insurance policies provide coverage for a specified period of time; the most common terms offered at 10, 20 or 30 years. Your premiums stay level during the policy period but do NOT accumulate cash value. Often clients purchase term life policies in order to cover a mortgage, student loan or business expenses in the event of their passing.
PERMANENT LIFE INSURANCE: Permanent, or “whole”, life insurance policies provide coverage for the entire duration of your life and DO accumulate cash value according to the terms of the policy. Many clients invest in whole life products to cover funeral expenses and ensure financial stability for their spouse and/or children. ~*~ Life insurance is a vehicle for you to protect your families’ assets. There are many options for how those policies can be set up and many include ways to earn tax free or deferred tax benefits. Give the Health & Benefits department at Future Insurance a call to develop a plan for your personal, family or business financial needs for life insurance.
“You don’t buy life insurance because you are going to die, but because those you love are going to live”