Discover a comprehensive range of insurance solutions offered by more than 80 carriers on our platform and safeguard your loved ones’ future with a life insurance policy.
There are two main types: term and permanent life insurance. Term insurance covers you for a specific duration, while permanent life insurance ensures your beneficiaries receive a death benefit that lasts a lifetime, providing them with financial security whenever the inevitable occurs. Moreover, certain permanent policies grant you the chance to accumulate cash value, which can be utilized according to your preferences. Life insurance can also be used as a tool to build a legacy.
How does Permanent Life Insurance Work?
Life insurance provides financial protection for your loved ones if you pass away. There are two main types – term and permanent.
With term life insurance, you pay premiums for a set period of time, like 10 or 20 years. If you die during that term, your beneficiaries receive the death benefit tax-free. At the end of the term, coverage ends unless you renew.
Permanent life insurance has the potential to last your whole life as long as you pay the premiums. It has a death benefit that your beneficiaries receive tax-free if you die at any point. Permanent life insurance also builds cash value that you can borrow against if needed.
The death benefit from both term and permanent life insurance goes directly to your beneficiaries, bypassing probate and avoiding income taxes. This ensures your loved ones are taken care of financially if you die unexpectedly.
Who should consider life insurance?
Having life insurance is important when others rely on your income, or they will be burdened by final expenses when you pass away. Getting coverage when you’re young and healthy locks in lower premiums that you can maintain over your lifetime.
Term life insurance is an affordable option that provides temporary protection for your family until your kids grow up or your mortgage is paid off. Permanent life insurance continues coverage indefinitely and accumulates cash value that can be accessed when needed.
No matter where you are in life, some form of life insurance ensures your loved ones won’t be left struggling financially when you’re gone. It’s a way to plan ahead and gain peace of mind, knowing they’ll be taken care of.
Life insurance can help with your financial goals
- help with your mortgage
- help with other debt including business and student loans
- help with college expenses
- help the retirement goals of your spouse
Life Insurance Types
What is the process for getting a life insurance policy?
If you choose to work with a financial professional, the process of getting a life insurance goes llike this:
In your initial phone call, the financial professional will ask you some questions to understand your financial goals and objectives.
After looking at your entire financial situation, the financial professional will provide you with a list of suggestions to fill in the gaps so you can choose the products best suited for your current situation.
If you feel satisfied with the recommendations, the financial professional will work with you to secure the products and services to ensure your financial future. This step may require an additional medical exam.
Your personal financial professional will work with you and do periodic reviews to help you monitor the chosen strategies and help you in their full capacity to continuously meet your goals.