Buying an appropriate life insurance policy is essential to secure the future of your family in the event of your unexpected death. Getting yourself insured will give the peace of mind that your loved ones can lead a financially stable life, no matter what may happen in the future. However, it is important to choose the right policy so that the beneficiaries can realize the maximum benefits.
Different types of life insurance offered:
Term Life: This is a suitable option for people who need to financially protect their loved ones during a specified time period. It is the most affordable type and the benefit amount or premium is constant for the policy duration. However, it has no cash value.
Whole Life: With this traditional insurance, the beneficiaries receive guaranteed benefits along with bonuses after the death of the policy holder. Cash value also accumulates that provides options for loans and return of cash value during the policy life.
Universal Life: This is flexible insurance that allows the policy holder to customize the premium amount and coverage to accommodate present as well as future needs. It can also have different investment options that could increase the policy value over time.
Eaves & Associates, LLC will provide you a detailed comparison of different insurance policies and help you select what best suits your requirements. Having extensive knowledge and experience in the industry, they can assist you in creating a life insurance plan that provides for financial protection now and can yield maximum cash value later in your life. You can also discuss questions with them like:
- Should husband and wife have one combined policy or separate policies? Hint: what happens to the other one’s coverage if one of them dies?
- Do single people without dependents need any life insurance? Hint: what is insurance availability/cost after you get a serious illness?