FINANCIAL PROTECTION: LIFE INSURANCE
Life Insurance Overview
Although it is not something that most of us like to think about, we will pass away one day. At that time, the burden of financial responsibilities may fall on your loved ones. If you have a family that depends upon you for financial support, then you can have the peace of mind of providing for them even after you are gone with a life insurance policy.
A life insurance policy is an effective instrument for leaving your heirs financially supported once you die. However, this policy can offer you much more than simple death benefits. It is also an excellent way to accumulate wealth during your life, which can even be used by you before you die.
With so many life insurance policies in the market, it is understandable if you feel confused about your choices. If you want to get the best type of life insurance policy possible, it is the one that kicks in the day you die.
At Bobetich Retirement, we can help you find life insurance policies that provide financial coverage for your family and transfer your wealth to your loved ones in a tax-advantaged way.
As a person who is interested in buying a life insurance policy, there may be many important questions that you may want to be answered like what type of policies you should purchase, how much coverage you need, how long should you be covered for, and how much premium you need to pay for your life insurance policy.
Term Life Insurance
Term life insurance is an instrument that will pay a death benefit if the insured dies within the specified term. As the policyholder, you can also renew your term life insurance, let it expire, or turn it into permanent life insurance.
Term life insurance comes in many types, including level term, renewable, convertible, decreasing, and group term.
Permanent Life Insurance
Permanent life insurance is a type of insurance that never expires and guarantees coverage to the insured throughout their lifetime. Along with a death benefit, permanent life insurance also allows you to accumulate a cash value component in the policy.
Types of permanent life insurance include whole life, universal life, indexed universal life, variable life, variable universal life, single premium life, and last survivor universal life insurance.
