You already know life insurance is important to protect the financial future of those you love, such as your spouse and kids. But what life insurance is best?
Term insurance is great for giving the most coverage for the least cost right now. A new family with young children and a need to stretch their budget should consider term insurance. It is surprisingly affordable.
Someone with a mortgage payment or care payment, who does not want to leave that monthly obligation to their loved ones, could consider term insurance to pay these debts off in the event of their death.
What are the downsides of term insurance? It usually provides 10, 20 or 30 years of protection, depending what you buy. What happens when you get to the end of the term insurance policy and you still need life insurance?
Most of us would expect to be less healthy in 10, 20 or 30 years than we are today. Things like weight, cholesterol and high blood pressure all could make you unable to qualify to buy more life insurance then or it may be so expensive you can’t afford it.
Permanent insurance bought at younger ages often proves to be the best value in the long run. Term insurance can give you lots of protection for the lowest cost now.
If you have loved ones to protect and would like us to get you a no-obligation quote, or you just have questions, just give our agency a call.
SOURCE: Auto-Owners Insurance Update, Volume 9, Issue 1 January – March 2015