Life insurance is critical, especially if you have family members or other loved ones who would face financial difficulties if your income was no longer available to support them. A well-designed life insurance policy can give you peace of mind that your family’s financial needs will be protected in this event.
How Life Insurance Works
Life insurance guarantees a generally tax-free payout for your loved ones if it is still in place upon your death. You can name one or more beneficiaries that would receive the policy’s death benefit, typically within 30 to 60 days after you pass away. Not only can these funds be used to help any surviving dependents with their everyday costs, but they can also be used for funeral expenses and even any remaining debts.
How Do I Know What Kind of Life Insurance Policy I Need?
There are many different kinds of policies available today, such as term life, whole, universal, and variable that can be customized for your unique circumstances and budget. Your needs will depend mostly on factors like your lifestyle, income, marital status, net worth and investments.
We understand that thinking about these unexpected situations can be difficult for many people. That’s why we're here to answer all your questions and make your planning process as smooth as possible, so you (and your loved ones) don't have to worry.