If you have a family to protect, a sound life insurance
program is the perfect solution. There are two basic types of life
insurance needs: temporary and permanent.
Temporary needs include home mortgages
or short-term debt reduction, family income and educational expenses and
can last as little as one year or last 20 to 30 years or longer. Term
insurance is the most cost effective method of insuring many short-term
needs. There are a variety of plans to choose from, ranging from an
annual renewable term (1 year plan) to a level term plan that could last
5, 10, 20 or 30 years.
Permanent needs include those that last
for your entire life or potentially for periods of 15 years or more.
Permanent insurance needs include final expenses, funds to cover estate
taxes and retirement savings protection. Permanent and universal life
plans are ideally suited for meeting these goals.
The primary purpose of life insurance is to provide cash
for your family in the event of your death to ensure that they can
remain in their home and continue to maintain an adequate standard of
living. There are a number of factors that determine the cost you pay
for life insurance including:
- Tobacco use
If you are interested in obtaining more
information or a quote, contact us.