Life Insurance
Why Life Insurance Is Important
To replace lost income.
Having a loss of income due to an unexpected event can have a devastating financial effect on the survivor. Buying life insurance as a means to replace income lost is the most cost-effective way to achieve this.
To Pay off debt
Without your income available to help pay off debts, your family can be left with a large burden.
To pay final expenses.
Final expenses can be very significant. Life insurance provides the cash needed to be used to help your family cope in a time of distress.
To help pay for your childrens’ education.
If something unexpectedly happens to you, there may not be enough time to set aside adequate funds for education. Purchasing life insurance can help by creating a lump sum of cash that can be used to pay for part of your children’s future.
Types of Life Insurance
Term Life insurance
Term Life Insurance is like renting an apartment as opposed to buying a house where there is equity built up. Term insurance policy premiums go towards the entire cost of insurance. Your rates are locked in for a specific time period — 10, 20, or 30 years — and at the end of the term, the premium will increase.
PERMANENT Life INSURANCE
Permanent Life Insurance is like owning a home, equity is built up inside the policy. Premiums are used to pay the ecost of insurance and a portion is used to create a cash value inside the policy that can be borrowed against for business/personal loans or retirement. The premiums are guaranteed not to increase and added features are included inside the policy.
Mortgage Life Insurance
Mortgage life insurance, when owned personally, is designed to protect your loved ones by providing a benefit in the event of their unexpected passing. The benefit can be used to pay off the mortgage or any other financial need.