Life insurance is something that must be taken seriously if you truly want to offer financial protection to your family in the event of your unexpected death.
Life insurance can be a confusing policy to buy, but it is a policy you must purchase because nothing in life is guaranteed, not even life itself. In the event of your death, does your family have a backup plan? While life insurance may not be the easiest policy to purchase, a quality insurance agency can help make it that much easier and comprehensive. Here are a few things to consider when choosing the right life insurance policy.
Is Term Life Insurance Right?
- Do you only need life insurance for a specific period of time? Term life insurance provides your beneficiaries with a death benefit upon your death as long as you die within your term. Terms are chosen upon purchasing and usually come in intervals of five. The median term lasts about 20-25 years. While it is the least expensive option (and most popular) it does not accrue a cash value after the policy is over and done with.
Is Whole Life Insurance Right?
- Do you want to provide protection for the rest of your life? Whole life insurance provides your beneficiaries with a death benefit for your entire life, as long as the premiums are paid. When you retire and decide you no longer want to pay the premiums, you can use your policy as it also has cash value. You or your beneficiaries can use this cash value to help pay for college, mortgage, or anything else you deem worthy.
Life insurance can help give your family less to worry about after your death. For more information on how you can get the correct amount of life insurance coverage for your new family, contact the Bristol team at C.V. Mason Insurance Agency.