Life Insurance


Why Purchase Life Insurance?

Good life insurance can be an effective tool to assist the policyholder and his family in saving for the upcoming years of life and in leaving behind a financial legacy should the policyholder pass away. It is wise to fully become familiar with the myriad of options available and to learn what aspects of coverage would most benefit you and fit your lifestyle. The benefits of this type of coverage include the following:

• Life insurance can help one’s children in being financially secure when the policyholder passes away and is no longer able to assist loved ones through monetary contribution.

• A policy can help beneficiaries in keeping up with the paying of the home mortgage after the policyholder passes on.

• A good life insurance plan can provide terrific benefits for the beneficiaries following the policyholder’s passing.

• Financial assistance is extended to family to help with funeral expenses.

Simply put, the higher the premiums that a policyholder pays, the greater the extent will be of the benefits provided by the plan. Ascertaining what will be best for a family though the determination of priorities, in regards to the benefits, is how one is guided to the proper policy coverage details. One can choose coverage that can assist the beneficiaries by paying the mortgage of a new dwelling, leaving behind a financial legacy, helping by providing regular income, handling funeral costs, etc.

Normal policies will either be active for a certain time period or “term” or it can remain in effect for the entire life of the policyholder, assuming premiums are paid, of course. Term life is often made available in 5, 10, and 25-year segments and is often utilized to extend some financial security for beneficiaries. It is important to remember that, should a policyholder live beyond the policy term, it ceases to be in effect. Whole life insurance is often tailored to those who desire to leave behind a substantial inheritance following death. With whole life, premiums can be lessened over time as the policy equity builds up, which is not so for term life insurance.