Life Insurance: Which Policy is Right for You
Insurance policies are designed to help policyholders save money and stay out of financial troubles, and life insurance is no exception. In fact, some people may argue that life insurance is one of the more vital insurance types. By having a life insurance policy, you can save your family from financial strife when you’re no longer here to provide for them.
Life insurance policies can be utilized for a number of reasons; college tuition, debt, and even funeral costs. As such, the right policy can help your family stay on their feet financially. If you come from a one-income household and that income is yours then you can have peace of mind knowing that when you pass, your family will be taken care of.
With that in mind, everyone’s situation is different, and you need to be sure you have the right policy for you and your family. Life insurance offers two policy types; Permanent and Term Life. Depending on your family and its need will depend on which of these policies is best suited.
Term life insurance policies are designed for the short term and can provide coverage for 10 years, 15 years, 20 years, and so on. These policies are suitable for people with terminal illnesses who may not necessarily need a long-term coverage plan. However, if you change your mind, you can always switch to a permanent life policy.
As the name suggests, permanent life insurance policies keep you covered from the day you take out the policy until the day you die. As permanent life insurance offers more coverage, these policies tend to be more expensive. However, this may not always be the case. If you’d like to discuss your options further, be sure to contact our team.