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Life insurance is designed to ensure that your loved ones will be taken care of financially after you pass away. With a life insurance policy, your family can receive a payment when you die, as long as your premium is active and paid for at the time of your death. That payment can be used for whatever your beneficiaries want or need, including funeral expenses, paying off debt, college tuition and more.
Final expenses
Unexpected loss leads to unexpected costs, including funeral costs, end-of-life care costs, and medical bills.
Household maintenance
Life insurance can help your beneficiaries cover everyday costs like rent, groceries, bills, and clothes.
Childcare expenses
Raising a family includes paying for housing, food, healthcare, school expenses, medical copayments, and more.
Mortgage payments
Life insurance can help your loved ones continue making mortgage payments or become a homeowner.
College tuition
Your life insurance policy can be used to put your kids through college or pay off your private student loans.
Other debts
Life insurance can cover other debts you may have, like car loans, credit card debt, medical debts, or personal loans.
Term life insurance is usually better if you need affordable coverage for a certain amount of time, like 10, 20, or 30 years. It’s good for things like paying off a house or helping your kids while they’re growing up.
Whole life insurance lasts your entire life and includes a savings feature, but it costs a lot more. It’s better if you want lifelong coverage and a way to save money over time.
The best choice depends on your budget and what you need the insurance for.
If you have life insurance through your job, that’s a good start, but it might not be enough. Most work policies only cover 1 to 2 times your yearly pay, which may not be enough to help your family with all their needs.
Also, if you leave your job, you might lose that insurance. Having your own policy makes sure your family is protected no matter where you work.
Life insurance is a safety net for your family if something happens to you. A common rule is to get 10 to 15 times your yearly income.
For example, if you make $50,000 a year, you might need $500,000 to $750,000. This helps cover debts, future costs, and keeps your family financially stable.
Make your plans and set your goals. Then, let us help you prepare for the twists and turns.
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