Reviewing your life insurance coverage can often seem like a daunting task. While advance planning for a time when you are no longer here for your family is challenging, it is also one of the best ways to protect them.
OceanPoint Insurance is committed to helping you safeguard what matters most, and in recognition of Life Insurance Month we offer the following facts regarding life insurance.
Many people are often dissuaded from purchasing life insurance because they believe it is too expensive. This is one of the most common misconceptions. Depending on your personal needs and budget, there are several options available to you:
Term life – As the most inexpensive form of insurance, there are no cash values or dividends. Term policies are purchased for a specific period of time such as 10, 15, 20 or 30 years. If an insured loved one passes away during that time period, a beneficiary is paid the dollar value of the policy.
Whole life – A whole life policy is protection for someone’s entire life. Premiums, which insurance companies invest, stay the same during the life of the policy. There are cash values, and some companies pay policyholders’ dividends. The cost is higher, but it is considered more effective for estate planning.
Universal life – A valuable coverage and living benefit, universal life policy allows for more flexibility and is more of an investment vehicle, however, increased contributions may be necessary if the investment interest assumptions are not met.
Variable life – Offering more investment options than a universal life policy, a variable policy allows the policyholder the ability to select the investment options.
While no one chooses to leave their loved ones unprotected, being unprepared for life’s unexpected events can do just that. If something should happen, life insurance provides your dependents with income so they may continue to live comfortably. Options can also include coverage for medical, legal, and funeral costs as well.
At OceanPoint Insurance, we are dedicated to ensuring the safety and security of you and your family. For a complimentary review of your life insurance options, please call us today at 401.847.5200.