How Do I Know If Life Insurance Is Right For Me?
Does anyone depend on your income?
Do you have a mortgage?
If you have children is their education important to you?
Do you want your funeral expenses covered?
Do you want any debt that you have incurred to be paid off?
If you answer yes to any of these questions we would encourage you to look into life insurance.
Types of Life Insurance
This all depend on the length of coverage you are interested in, premium amounts you are able to pay and if you will be needing to draw income from your policy later.
Term Insurance is issued for a specific amount of time (typically 10, 20 or 30 years), the premiums for a term policy are considerably lower but offers the highest death benefit for the lowest.
There is two types of permanent insurance Whole Life and Universal Life. Permanent insurance provides coverage until age 100 or later, as long as the premiums are being paid. Premiums are initially higher, but often level for life. Cash accumulates over time on a tax-deferred basis, offering lifelong protection and tax deferred savings.
Disability Income Insurance
Did you know that disability insurance pays you a percentage of your salary if an illness or injury prevents you from working? You insure your home, car and sometimes your phone, have you considered insuring what pays for them? Your income.