Everyone recognizes why life insurance is important, but many of us choose to ignore the reality of what would happen if we were to die suddenly without the proper protection. The consequences could be devastating for your surviving family members, leaving them with several financial expenses, including funeral expenses, remaining mortgage debt, college education plans, credit card debt and future living expenses.
If you have realized that you do not have life insurance or do not have enough life insurance, you are in the right place! The recommended life insurance amount is approximately five times your annual income.
In addition, there are two main types of life insurance policy’s: Term Life and Whole Life (each have their advantages).
Term Life insurance
Term Life insurance is the most common and affordable type of insurance. This policy allows the insured to purchase a greater death benefit at a more affordable price since there is a set benefit period. The premium amount and the death benefit are guaranteed for the set benefit period. The benefit period is the duration in which benefits are deemed payable. The standard benefit period options are 10, 20 or 30 years. Death benefits are paid to the beneficiary tax-free.
Whole Life insurance
Whole Life insurance is a permanent policy which is guaranteed to remain in force for the insured’s entire lifetime. This policy is more expensive, however, along with the death benefit the premiums remain constant and accrue a cash value amount that can be accessed as it matures. Death benefits are paid to the beneficiary tax-free. We work with the industries top insurance carriers to guarantee competitive quotes.
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For any questions, please contact Michael Mueller (313) 963-1135