If you’re asking yourself whether life insurance is really worth it - the simple answer is yes, especially if you have loved ones that rely on you financially. Life insurance isn’t something that people like to think about but it is a vital policy to have. Having a life insurance policy can help the people you love the most after you’re gone. So let’s cover some basics and benefits of life insurance!
What is life insurance?
Life insurance is a contract between an insurance policy holder like yourself and an insurer like Nationwide for example, where the insurer promises to pay a designated beneficiary a sum of money in exchange for a premium, upon the death of an insured person. There are also different types of life insurance policies so we can make sure to fit your needs!
Term life insurance is like renting a home versus buying one. You will pay a premium for the term of your choosing and you will be covered during that term, but the policy does not grow in value. At the end of your term you will no longer have coverage. Permanent whole life insurance grows in cash value over time as you make your payments. This type of policy does not have a defined term and acts as an investment because you can also borrow against the cash value of it when you need to. Family Insurance also offers a 20-pay whole life insurance policy which lets you pay for you policy in 20 years while having life insurance for the rest of your life! It also grows in cash value like the permanent whole life insurance policy.
Another good thing to know about life insurance: start now! As you get older and your health declines life insurance becomes more and more expensive, the sooner you get a policy the lower your premium will be!
What benefits does life insurance have for me?
Life insurance has a great number of benefits like helping your beneficiaries pay off debt, cover medical expenses, or help them save for their future dreams! It will also give you peace of mind that if anything were to happen to you, your family and anyone that relies on you financially will be taken care of!
If you are interested in getting a life insurance quote please reach out to us on our contact page or go to the quote page, fill out the form and one of our agents will get back to you soon!
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