Life Insurance is insurance for yours and your family’s peace of mind. You buy it to protect the people you love most. It pays lump sum, tax-free benefit to your beneficiaries when you die.
Money from your insurance can be used to:
– pay off mortgage, line of credit, loans or any other debts
– replace your income, which you would earn otherwise
– provide for day-to-day needs of your dependents (children, parent, spouse, sibling)
– pay for your children’s education
– donate to charity or church of your choice
– pay for funeral expenses
– take care of your estate planning needs
– look at other retirement savings/income vehicle
You want to review your insurance regularly, to make sure it is up to date and offers sufficient protection for your always changing needs. This is important especially after you went through any of the life changing events e.g. new baby, getting or changing mortgage, buying a house, getting married or divorced. You will want to make sure your primary and contingent beneficiaries, including trustees if you have underage children, are up to date to reflect your needs and wishes.
The amount and type of your life insurance coverage will depend on your needs and current stage of your life. When calculating your needs, you should take into consideration the age of your children, amount of mortgage and other debts, value of your estate and any special needs of your family.
You can have a Term Life Insurance Policy (most commonly used for temporary needs e.g. when you have financially dependent children, mortgage and need most insurance for lowest payments) or Permanent Life Insurance Policy (used as long-term benefit e.g. to preserve estate and pay funeral expense)
Contact us for complimentary review, evaluation and quotes. Sample Rates for life insurance.