A life insurance policy can help protect your loved ones in the event of your passing. There are two main types of life insurance: term and permanent. Term is for a specific period of time, permanent life insurance provides a death benefit that can last a lifetime, so no matter when you pass, your loved ones will receive a payment. And some permanent policies offer the opportunity to build cash value, which you’re able to use however you may need.
Who should consider life insurance?
If you have anyone that depends on you financially or if you don’t want to leave your loved ones with burial costs or debt, then you should consider life insurance. And if you’re just starting out and want to lock in an affordable rate for when you have a family, different types of life insurance can help with that, too.
Life insurance can help with your financial goals
Cover your mortgage
Cover other debt including student and business loans
Pay for college expenses
Fund retirement goals for your spouse
Life insurance types
Term Life Insurance
Term life provides affordable, convenient coverage for a certain amount of time –– the term during which you pay your premiums –– and it is often convertible to a permanent policy.
Participating Whole Life Insurance
With whole life insurance, you’re guaranteed a death benefit, and you’re able to build cash value over time. Your cash value grows tax deferred so it’s there when you need it. In addition, you have the opportunity to earn dividends, which are not guaranteed.
Considerations to decide whether Term or Whole Life is best for you:
-Initial Cost
-Payment Flexibility
– Coverage Period– Temporary or for a Lifetime
-Ability to adjust to economic or personal financial changes
-Desire to accumulate cash
If you have any Life Insurance questions Merit Insurance Group is here to help! Call us at
708-845-5466 or visit our website at www.meritinsurancegroup.com
