Most people don’t think about life insurance until they have their first child, get married, or start a new job, but starting early can save you money and hassles over the long term.
Life Insurance Basics
Life insurance provides for your family after you’re gone by providing money to cover things like funeral costs, the mortgage or rent, and other debts.
When you buy life insurance, you pay premiums (monthly or yearly fees) to keep your policy active. You can choose how long the policy will stay active (for example, 10 years). If you pass away during that time, your family or beneficiary will receive a payout from the life insurance company.
The way your policy pays out depends on how long you choose to keep it active and what type of life insurance you purchase. Once the period ends, you can let the policy stay open or cancel it.
Finally, the amount of life insurance you need depends on how much debt you have, which includes things like auto loans or your mortgage. You should also factor in the amount your family currently spends on living expenses.
Remember that some life insurance, such as a Whole Life policy, can act as an investment that will build up retirement funds for your family.
More About Life Insurance
To learn more about the many different types of life insurance policies and choose the one best suited to you and your family, click the button below. Our team will send you a no-obligation quote and offer you a consultation at no charge.
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