What steps have you taken to protect the ones you love? Planning for the future means preparing for every scenario – including how your family would be affected by the loss of a primary caretaker or provider. For most, life insurance is an essential tool that provides peace of mind and long-term security. It not only helps cover final expenses, but also helps minimize financial burden in the face of tragedy. With the right coverage, you can trust that your spouse, children, and others who depend on you for support will be provided for when they need it most.
Why Purchase Life Insurance?
Life insurance is a financial security that can provide benefits at all stages of life. Everyone, from young children to senior citizens, can benefit from a life insurance policy. Some insurance policies provide both death and living benefits, whereas others are designed for income replacement during a specific stage of life. Whatever your reasons for purchasing coverage, there is a life insurance product for you.
You can use life insurance to:
- Pay for funeral and burial expenses
- Cover medical bills associated with a final illness
- Pay off a mortgage
- Pay off outstanding debts, such as credit cards and auto loans
- Pay for childcare or cleaning services after the death of a homemaker
- Replace lost income
- Pay for a child’s college education
- Contribute to a spouse’s future retirement
- Donate to charity
- And more!
Types of Life Insurance
There are two primary types of life insurance – term life and whole life. Each offers different benefits that you may find advantageous depending on your goals and stage of life.
Term Life Insurance
A standard term life insurance policy provides a high-value death benefit at a low monthly premium. Term coverage may pay hundreds of thousands of dollars to the policy’s beneficiaries in the event of the insured’s death. Many people purchase term life insurance during their working years, when they are more likely to have children or a spouse who depends on them for financial support or caretaking responsibilities. Term life insurance is designed to be affordable and can provide coverage for up to 30 years or more.
Whole Life Insurance
Whole life insurance is permanent coverage that never expires. So long as the premiums are paid up, a whole life insurance policy will remain in effect until the insured’s death – regardless of age or changes in health. In general, a whole life policy will provide a smaller benefit or higher premium than a term life policy, but the premiums paid into the plan accumulate cash value over time. In fact, many people with whole life insurance view it as a financial investment with cash that can be accessed in time of need.
There are different types of permanent life insurance to choose from. Some whole life policies offer level premiums that never change. Others – known as universal life policies – are more flexible in that they allow the policy owner to pay varied premiums at different times. Cash value paid into the policy can be used to cover future premiums, which can be beneficial during times of financial hardship.
Life Insurance Quotes in Manitowoc, WI
Do you have life insurance that provides your family with financial security? If not, there is no better time than now to ensure your loved ones are safeguarded against financial distress.