Life Insurance

No one likes thinking about their own death. But planning for your final days is a fact of life. This is especially true if you have a family. When you die, your loved ones will no longer have access to your income or the support you provided. Life insurance is one of the most important steps you can take to protect the ones you love most from financial hardships.

Having life insurance means the insurance company pays benefits to your loved ones upon your death. In many cases, this coverage provides a spouse and dependents with cash to pay debts, pay off a mortgage, cover school tuition – in short, maintain a standard of living until they are able to get back on their feet.

It’s important to note that suicide is usually on the list of events insurance companies do not cover. If a person commits suicide, or within a certain period of time, their life insurance policy oftentimes becomes null and void.

The two main types of life insurance policies are term insurance and whole life. With a term policy, the coverage remains active until the end of the term. A term can be 15, 20 and 30 years or more. At the end of the term, the coverage ends and no benefits are available. So if you take out a policy for 20 years and die in year 21, nothing is paid to survivors. Whole life is a more expensive, but it lasts for your entire lifetime, as long as you pay the premiums.

You are probably uncertain about how much coverage you need, and you might not even know which type of coverage is best for your situation. It is important to speak with our insurance experts, who will be able to help you determine exactly how much and what type of coverage is best for you and your family.