Life insurance is designed to help your family cover financial obligations when you pass away. Many families are left with high funeral and other expenses that make Life Insurance such an important part of your financial portfolio. Unfortunately, life insurance can be an incredibly confusing topic to talk about though. There are many different types of life insurance that can make it confusing to select the right coverage for you. To help you understand why it’s important to have life insurance and the different options available to you, we’ve put together an in-depth guide below:
What Are the Main Types of Life Insurance?
When it comes to life insurance, there are two main types – permanent and term life insurance. Permanent or Whole life insurance, as the name would suggest, is a type of life insurance that stays with you, as long as you pay the premium. Where as term life insurance is a type of insurance that covers you for a predetermined amount of time. Since term life insurance expires, it tends to be less expensive than permanent life insurance.
Why Should I Get Life Insurance?
It’s important to have life insurance to make sure your family doesn’t face financial burdens when you pass away. Generally speaking, those with young families tend to get enough coverage to pay off their mortgage, expenses, and provide enough cash for their family to live comfortably without their income. Whereas older people tend to just get enough coverage to pay for the costs associated with a funeral and burial.
Which Type of Life Insurance is Right For Me?
Unfortunately, there isn’t a cut-and-dry answer as to which type of policy is best for you. Finding the right policy is heavily dependent on your personal situation. For example, those with a stay-at-home spouse may want a larger death benefit than those with a working spouse. At the end of the day, it’s best to talk to a seasoned life insurance broker to discuss your financial situation and goals to find the right coverage.
Safe Harbor Retirement Can Help
If you’re in the market for life insurance, Safe Harbor Retirement can help! Not only do we provide financial planning and retirement planning services, but we are a certified life insurance brokerage that can also help you find the right policy for your personal situation. Schedule a free consultation with one of our life insurance experts, give us a call at 614-760-0670 or visit our website at www.safeharboroh.com today!