Give your Family a Sense of Security – Invest in Life Insurance Today
Life insurance is one of the most important investments you will make during your lifetime. If the unexpected were to happen, life insurance will help protect those who depend on you for financial support. Life insurance will provide your loved ones with a source of income, and can help cover medical, legal, and funeral costs. Give yourself and your family peace of mind knowing they will be able to continue living comfortably and won’t have to worry about daily living expenses.
As with all types of insurance, there are a number of different options for coverage. The two major categories life insurance falls into are Term Life Insurance and Whole Life Insurance. Here is a brief explanation of each policy:
Term Life Insurance is designed to meet temporary needs. Term policies are purchased for a certain amount of time such as 10, 15, or 20 years and if the insured person dies during this period, a beneficiary will receive the dollar value of the policy. This is the most inexpensive form of life insurance because there are no cash values or dividends.
Whole Life Insurance provides you with coverage for your entire life. When you purchase a Whole Life Insurance policy, your premium is guaranteed to never increase, 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 Insurance provides permanent insurance protection and access to cash values that grow tax-deferred. A Universal Life policy allows for more flexibility where you are able to adjust the frequency and amount of your premiums.
A Variable Life Insurance policy offers more investment options than a universal policy. In addition to permanent life insurance, a Variable Life policy allows you to make investments that can help you accumulate money for your future needs.
Many times the conversation about life insurance is put off. In order to ensure your family’s financial security in the event of your passing, it is crucial you review all of your options. Call OceanPoint Insurance at 847-5200 to speak with an experienced agent about which option is best for you.