September Topic of the Month: Life Insurance Awareness Month

Life Insurance is an expense that every person should have to protect their loved ones.  Remember Life Insurance is for the living.  It can help cover costs for the funeral expenses, bills, mortgages, and college.  It can provide income to the family to help through the transition of losing a loved one.

There are many types of Life Insurance:

Term Life:  Has a specific end date with coverage lengths of 5, 10, 15, up to 30 years.  It is usually the least expensive of all life insurance when you are younger.  There is no cash value, and the Death Benefit stays the same.

Whole Life: Provides coverage for your entire life.  This type builds cash value over time using a portion of your premium payment and adds interest.  This life insurance is for people who want lifelong coverage and are willing to pay for the guarantees.  This is one of the most expensive life insurances to purchase.

Universal Life:  Provides coverage for your entire life.  There are many variations with many different features.  This is sometimes less expensive than Whole Life as it doesn’t offer the same guarantees.

Always make sure to work with an insurance professional to try to find the best life insurance to fit your needs.  There are many variations and costs to the different policies. Guarantees are based on the the claims paying ability of the issuing company.