Life Insurance: What You Need To Know
The concept of life insurance is simple, yet it means so much. A life insurance policy helps support loved ones financially during an unexpected death. Depending upon the policy one chooses, it can help a loved one pay bills, funeral costs, and much more. A spouse’s retirement and the costs of a child’s education may be protected. Coverage may include Term, Whole, or Universal policies.
Term provides against a loss of life for a specified period, typically 1-30 years. Whole coverage will pay out over the insured person’s lifetime as long as premiums are paid. The accumulated cash will provide security, which may be loaned or paid to the insurer. With a permanent Universal plan, you are offered flexibility in your premiums. If you wish, you can pay extra to accumulate a cash value.
Why Coverage Is Important
Life insurance is primarily intended to protect loved ones in the event of a sudden loss of life. This typically includes the spouse and children, although it can protect whomever you choose. The insured will also have coverage when it is needed most. It differs from health and disability coverage in that the policyholder will ensure his/her loved one’s financial needs are provided for in his/her absence. Health insurance will cover medical expenses, and disability coverage is meant to aid the disabled.
HighPoint Advisors Can Help You Decide
To the average individual, deciding among policy options may seem overwhelming. Our team has years of experience in financial planning to help you make appropriate decisions. We can help incorporate your insurance decisions into your long-term financial plan with consideration for all your other financial obligations. Call 315-627-0474 today for more information!
Please remember that insurance companies alone determine insurability, and some people may be deemed uninsurable because of health reasons, occupation, and lifestyle choices.