To protect those who depend on you financially, you need life insurance. Life insurance provides peace of mind—for you and those who rely on you. It’s a way to ensure your loved ones are financially protected.
Some of the benefits they could receive include:
- protection against financial loss
- supplemental funds for everyday needs
- help with rent/mortgage, childcare, and tuition costs
- assistance with funeral expenses
Life insurance is money paid to your loved ones in the event of your death. It can pay off debts and final expenses, fund children’s education, pay off a mortgage and take care of the day-to-day needs of those who depend on you. Plus, life insurance can be affordable and flexible:
- Understand the difference between term and whole-life policies
- Determine how much coverage makes sense for you. While you can’t pinpoint exactly how much life insurance you’ll need to purchase down to the nickel, you can make an informed estimate using a strategy that considers your current financial situation and future needs.
- Calculate your monthly costs.
Term life insurance is suitable for fixed-term coverage needs like paying off a mortgage or funding your child’s education.
If you’re looking for low-cost coverage, a term life policy is the most affordable type available. You can choose how much and how long the policy will cover you.
Whole life insurance is the most well-known and offers you lifelong protection with benefits including wealth transfer, charitable giving, and maintaining the same standard of living for your family.
A whole life insurance policy, sometimes called “permanent life,” offers lifelong protection. In addition to insuring your life, it can be customized to address unique financial goals, like transferring your assets and charitable giving.