Life insurance¹ proceeds may help your family:
- Pay the mortgage
- Maintain their current standard of living
- Fund the kids' college education
- Pay for final expenses
Term life insurance:
Term life insurance may be a good choice for your temporary needs or if your funds are limited because it:
- Provides coverage for a specific period of time.
- Is generally less expensive than permanent life insurance.
- Often provides the greatest amount of coverage for the lowest initial cost.
- Has premiums that stay level for a set amount of time, usually 10, 20, or 30 years.
Permanent life insurance:
Permanent life insurance may be a good option if you have long-term needs like income for a spouse, an inheritance for children, or end-of-life expenses, because it:
- Can remain in force as long as you live.footer note
- Premiums generally do not increase during the life of the policy.
- May build cash valuefooter note which you can borrow for other uses or which you can use to help pay your premiums in the future. If the policy is cancelled, any cash value is sent to the policy owner.
Permanent life insurance includes:
- Whole life insurance - is one of the most common types of permanent life insurance. Premiums on whole life policies are guaranteed never to increase as long as the policy remains in force; policies offer guaranteed cash value accumulation, and the policy owner may borrow against the cash value of the policy.
- Universal life insurance - allows you to tailor your insurance to meet your changing needs with flexible premiumsfooter note and benefits with potential for building cash value. The policy owner may also borrow against the cash value of the policy.
In a recent survey, a majority of people admitted they'd leave their loved ones behind nothing more than photos and memories. Life insurance can help provide reassurance that your family's financial future will be taken care of. Luckily, it's easier than you think. Call me at 713-688-8669 today.