Make sure your family is taken care of when you can no longer provide for them. Life insurance policies will protect your family and loved ones after you pass away. Whether you are in your 20s, your 60s or your 80s, it’s important to know about the benefits of life insurance and make sure your family’s future is secure.
From covering estate taxes and paying your dependent’s college tuition, to transferring wealth to your family and income replacement, life insurance will ensure your family isn’t left to pick up the pieces if you are to pass away. Even if you don’t have a family yet, you may still want to consider a life insurance policy. By investing in a policy earlier on in life, you may be qualified to lock in lower premiums by buying young.
Life insurance policies can typically be broken down into three different types – term, universal and life – learn the difference between the types below.
Understanding the different types of life insurance:
Term life insurance is the original and most basic form. A term life policy provides protection for an accidental death of the insured, paying fixed benefits for a limited term. Term policies can be relatively affordable for people who are younger looking for a life insurance policy.
A universal life insurance policy is a permanent policy which combines death benefits with a savings component or cash value. A universal policy protects against unforeseen events and can be flexible with premium payments, death benefits and savings.
Also a permanent policy, a whole life insurance policy pays benefits upon the death of the insured. This policy accumulates a cash value and caters to your long term goals. Benefits include consistent premiums and a guaranteed cash value.
Life insurance comes with a wealth of benefits, here are a few that you may want to discuss with our team:
Transfer Money to Family
Upon death, a life insurance policy allows you to transfer your wealth to your family through your estate.
Protect Your Mortgage
Families lose enough with the death of a family member. Don’t let your family lose your home if you pass away. A life insurance policy can help cover future mortgage payments.
Funerals these days can cost thousands of dollars. When you have a life insurance policy, your family may not have to carry yet another burden through these high payments after your death.
Pay Your Dependent’s College Tuition
Allow your loved ones to pursue their college dreams by assisting with their high college tuition fees even after you’re gone.
Cover Your Estate Taxes
When your home is transferred to your family after your death, high taxes may also be included. A life insurance policy can help cover these payments.
It’s not always easy to begin planning your after-death wishes, but it’s important. Talk to our trusted and experienced agents at Jerry Heinen and Associates about the many benefits of life insurance and find a policy that will protect your family well into the future – they’ll be thankful you did.