Sep 21, 2015
Life insurance may not be your favorite thing to think about, but planning for the future will protect your loved ones and provide you with very important peace of mind. Here’s what you should know.
The primary purpose of life insurance is to financially protect your family should you no longer be around to provide for them yourself, but life insurance comes with other important benefits:
There are two standard types of life insurance: term life insurance and whole life insurance.
Term life insurance is set for a specific amount of time, which means coverage can eventually run out if you don’t upgrade your policy. Term life insurance can be an excellent choice for younger people with tighter budgets and young families. Young people usually have fewer financial resources, but more need for life insurance since they are more likely to have young children who need to be provided for, and less likely to have paid off a home. Term life insurance is less expensive than whole life insurance, so it provides people on a tighter budget with a way to protect their family’s future.
Whole life insurance never runs out and is usually a little more expensive than Term life insurance, but policy holders never have to worry about leaving their loved ones without solid financial protection. Whole life insurance policies can also often benefit you while you’re still living through creative benefits. These policies frequently accumulate cash value, which can be borrowed against the policy in emergencies or if you need to supplement your retirement.
Contact an agent at Bradenton Insurance for help choosing a life insurance policy that will suit your needs, your budget and your goals.