If you have a family to protect, a sound life insurance program is the perfect solution. There are two basic types of life insurance needs: temporary and permanent.
Temporary needs include home mortgages or short-term debt reduction, family income and educational expenses, and can last as little as 1 year or as long as 30 years. Term insurance is the most cost-effective method of insuring many short-term needs. There are a variety of plans to choose from, ranging from an annual renewable term (1-year plan) to a level-term plan that could last 5, 10, 20 or 30 years.
Permanent needs include those that last for your entire life, but particularly for periods of 15 years or more. Permanent insurance needs include final expenses, funds to cover estate taxes and retirement savings protection. Permanent and universal life plans are ideally suited for meeting these goals.
The primary purpose of life insurance is to provide cash for your family in the event of your death to ensure that they can remain in their home and continue to maintain an adequate standard of living. There are a number of factors that determine the cost you pay for life insurance including:
- Tobacco use
If you are interested in obtaining more information or a quote, contact us.