Life Insurance

Life Insurance

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Life Insurance

Purchasing a life insurance policy is an investment many people evaluate during the estate planning process. In the event of one’s death, a life insurance policy is a safety net that ensures their loved one’s future financial obligations are met, covering items such as funeral costs, outstanding debt, estate taxes and everyday living expenses. Also, if a stay-at-home parent should pass away, expenses such as child care and other domestic items can create financial hardship, too.

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There are two basic types of life insurance: term life insurance and permanent life insurance. The type of life insurance policy that best suits you will depend on your unique needs.

 

Option #1: Term Life InsuranceLearnMoreStick

Just as its name implies, term life insurance covers you for a specific period of time, or term, that you choose. Since it offers a death benefit but no cash value, term life insurance is an inexpensive way to protect your beneficiaries for a specified period of time. Term life insurance is best-suited for various individuals and needs.

 

Option #2: Permanent InsuranceLearnMoreStick

Permanent life insurance is any form of life insurance other than term. Examples are whole life, universal life and variable life. These policies combine term life insurance with a long-term, tax-sheltered savings plan.

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