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Who Should Get Life Insurance?

Purchasing a life insurance policy can help protect your loved ones financially in the event that you pass away and are no longer able to provide for them. If you have financial responsibilities and are wondering whether or not you should purchase life insurance, review the helpful guide below.

Deciding on a Life Insurance Policy

Whether you have children who depend on you financially or are the caretaker of an older parent, a life insurance policy can help ensure they are financially cared for if you pass away unexpectedly.When deciding if you should purchase a life insurance policy, consider whether any of the following applies to you:

  • Your spouse depends on your income
  • The well-being of your family would be negatively affected if your income disappeared
  • Other family members depend upon you financially
  • You’ve accrued a large amount of personal debt
  • You want to invest in an education fund for your children
  • You have a mortgage 
  • You own a business
  • You’re in the midst of planning your estate

If you answered yes to any of the items on this checklist, you might want to consider purchasing a life insurance policy.

Types of Policies 

There are two main types of life insurance: term life and permanent life.

  • Term life insurance policies provide coverage for a predetermined amount of time (usually up to 30 years). If you die while the policy is in effect, you're beneficiaries will receive a death benefit. If you outlive the term of your policy, your beneficiary will not receive a payout.
  • Permanent life insurance policies provide coverage for your entire life, as long as your premiums are paid. Permanent life insurance policies also accrue cash value that serves as an investment component.

Get a Quote

Connect with a licensed agent at1-855-303-4640 to get a quote today.

*Applications for insurance may be subject to acceptance by insurer. Rates and coverage amounts will depend upon the carrier selected.

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Source:

Investopedia: http://www.investopedia.com/terms/l/lifeinsurance.asp?lgl=myfinance-layout

 

*Applications for insurance may be subject to acceptance by insurer. Rates and coverage amounts will depend upon the carrier selected.

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