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Do You Need Life Insurance?
Typically, anyone with a family or dependents can benefit from a life insurance policy. In many cases, life insurance death benefits help beneficiaries cover funeral and burial costs, mortgage payments and day-to-day expenses.
If you're still unsure whether or not you need life insurance, the following information can help shed some light on the issue.
Determining Your Need for Life Insurance
To determine whether or not you need life insurance, ask yourself the following questions.
- Do you have financial dependents, such as children or your own aging parents?
- Do you have a spouse who depends on your income?
- Are you acting as a caregiver for anyone else who depends on your income?
- Do you hold a mortgage?
- Do you own a business? Would your business partner be able to continue running the business if you were to pass away?
- Are you looking to expand your savings options or plan your estate?
If you answered yes to any of these questions, you may benefit from a life insurance policy.
How Life Insurance Works
By purchasing life insurance, you gain the assurance that your insurer will pay a death benefit to your named beneficiaries upon your death (as long as your policy is still in force at that time). Life insurance, then, can serve as an important safety net for your family members and other dependents.
If you die while your policy is in force, your loved ones will receive financial support, either partially or wholly making up for your lost income.
Finding the Right Type of Plan
There are two main types of life insurance: term life insurance and permanent life insurance.
Term life insurance provides coverage for a designated period of time. This may be 10 years, 15 years, or even 30 years. Term life policies enable you to gain coverage during times you need it most, such as when your children are young or when your spouse is not working. With term life insurance, however, your beneficiaries will not receive a payout if you die after your policy has expired.
If you’re looking for a policy without an expiration date, permanent life insurance may be a better fit for you. These include whole life and universal life plans. Permanent policies last your entire life assuming you pay your premiums on time and in full.
Permanent life insurance policies also accrue cash value. It is important to note, however, that permanent life policies are often more expensive and more complicated than term life insurance policies.
Call a Licensed Agent to Learn More
Speak with a licensed life insurance agent at 1-800-966-7169 to learn more about your options today.