Your loved ones will be comforted by the security of a life insurance plan. It is a contract between an insurance company and its owner to ease the burden of finances on those left behind.
Sometimes the passing of a loved one leaves benefactors with the financial struggles of debt, mortgage, loans, and other recurring personal expenses.
Additionally, it leaves one less paycheck to cover normal life expenses.That’s where life insurance comes in. It varies in form, but the two most common are term life insurance and whole life insurance. First, term life insurance provides financial protection over a set time-frame. Whereas, whole life insurance offers financial protection for a lifetime. The latter is common in preserving family wealth and estates.
Term life insurance has a lower premium rate with coverage for a set time--anywhere from 10-20 years. It replaces loss income for a certain number of years after the passing of a policyholder. Typically these payouts can help with college expenses, mortgages, and other family finances.
Whole life insurance is often higher in premium rates but offers coverage for a lifetime. It is a common way for holders to pass on their wealth and estates. The paid death benefit is dependent on the policyholder’s terms and premiums.
Both plans provide a death benefit and financial security to beneficiaries in the case of death. It is useful for elderly parents who want to leave adult children with a financial cushion. Life insurance is also recommended for business CEOs, young adults with lower premiums, and wealthy families who wish to preserve estates.
Life insurance will provide financial support in your place for children or spouses. Protect your loved ones with a life insurance plan. We can help you find the plan that's just right for you and your family.