Life insurance ensures that your loved ones will be financially protected should anything happen to you. While it’s not a fun topic to think about, it’s essential to consider if you want your family financially solvent in a worse-case scenario.
Who Should Buy Life Insurance?
Life insurance is a smart investment nearly anytime in your life, but it is even more important during certain periods. The most important groups of people who need life insurance include the following:
- Those who have children or other dependents living at home
- Those who are the main breadwinners in their families
- Those who have significant debts that could be difficult to cover
What Is Term Life Insurance?
Term life insurance is the most popular type of policy today. This insurance is purchased for a certain term, such as 10, 20 or 30 years. Should you die during this term, the death benefit would go to your beneficiary. The amount chosen should be the amount your dependents or significant other would need to cover expenses if you were not there to provide for them.
What Are the Benefits of Having Life Insurance?
Some of the most important benefits of having a life insurance policy include the following:
- Tax-free payouts in most cases
- Financial help for dependents
- Funeral cost coverage
- Debt coverage
- Peace of mind
Term policies also have these additional benefits:
- Low premiums
- Straightforward terms
- No premiums once term is up
Which Term Is Right for You?
If you are considering purchasing your own policy, you will need to choose between short- and long-term life insurance. The choice you make will depend on where you are in your life. For example, if your children are young, you will want to choose a term that will cover the time until they leave home or even graduate from college. However, if your children are already teenagers or you are already growing your own healthy nest egg, you may need only a short term.
Call Truliant Financial Advisors to Find out More
Truliant Financial Advisors can show you plenty of options when it comes to life insurance. Call them at 336-293-2457 to compare policies, get term life insurance quotes and see how much you could save when you bundle policies.