Choosing the Right Life Insurance Policy
Choosing the Right Life Insurance Policy
There are basically two main types of Life Insurance policies. Term and Permanent. Basic coverage is included in both. The difference is the amount of time the policy is active. Term life insurance is quite often much less expensive than permanent life insurance. The reason being that the policy will expire after a period of time. Please read carefully the differences of each type of insurance before deciding which is right for you.
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Level of Coverage
Simply put, this is the amount your beneficiary will receive in the event of your death, otherwise known as a “death benefit”. When choosing your level of coverage, take into account your financial responsibilities. While your family and friends will mourn your death, your creditors will not. They will expect to be paid as usual. Debts like your mortgage, automobile and children’s education will not go away after your death and more than likely your family will be unable to bear the responsibility of those debts after your death. Now is your chance. Protect your family from the financial burden that could await them.
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Naming your Beneficiary
This sounds simple enough. Naming your beneficiary is simply deciding who is going to get the “death benefit”. Anyone can be named as a beneficiary. While we are not here to tell you who to name, please consider the best interest of your policy. Usually this is your spouse or children. There have been stories of people naming their child as the beneficiary assuming the child would take care of the mother. In those same stories we have heard how the children spent the money irresponsibly and left the mother in serious financial debt and / or financial dependence.
Learn More
There are basically two main types of Life Insurance policies. Term and Permanent. Basic coverage is included in both. The difference is the amount of time the policy is active. Term life insurance is quite often much less expensive than permanent life insurance. The reason being that the policy will expire after a period of time. Please read carefully the differences of each type of insurance before deciding which is right for you.
Learn More
Level of Coverage
Simply put, this is the amount your beneficiary will receive in the event of your death, otherwise known as a “death benefit”. When choosing your level of coverage, take into account your financial responsibilities. While your family and friends will mourn your death, your creditors will not. They will expect to be paid as usual. Debts like your mortgage, automobile and children’s education will not go away after your death and more than likely your family will be unable to bear the responsibility of those debts after your death. Now is your chance. Protect your family from the financial burden that could await them.
Learn More
Naming your Beneficiary
This sounds simple enough. Naming your beneficiary is simply deciding who is going to get the “death benefit”. Anyone can be named as a beneficiary. While we are not here to tell you who to name, please consider the best interest of your policy. Usually this is your spouse or children. There have been stories of people naming their child as the beneficiary assuming the child would take care of the mother. In those same stories we have heard how the children spent the money irresponsibly and left the mother in serious financial debt and / or financial dependence.
Learn More