Your life insurance gives your family choices by providing the benefits to help pay off debts, to help meet housing payments and ongoing living expenses, to help fund college educations for your children or grandchildren, and much, much more. Life insurance provides cash when it’s needed most, when you’re gone and no longer able to provide for your family financially. By purchasing life insurance, you can guarantee that your death will not leave your family to deal with the financial burdens of life by themselves.
Whole life insurance costs more because it’s designed to build cash value. But keep in mind that a life insurance policy shouldn’t be an investment or money-making tool—it’s simply meant to provide security, protection and peace of mind for your family should the unthinkable happen. Many couples choose to buy whole life insurance when they get married so that the spouse would be protected financially in the event that one becomes widowed.
If you buy term life when you’re young and healthy the monthly premium can cost as little as about a dollar a day. Many couples purchase 20-Year Term Life Insurance right after a new child is born to make sure the child is protected until after they become adults or graduate college. Term Life policies can be upgraded to Whole Life policies when you are ready to increase the coverage. Term Life Insurance allows you to take advantage of the financial protection life insurance offers now so you can provide protection right away because it is offered at such low monthly rates.
Do you need final expense insurance? The answer to that question will vary from person to person. Many people between the ages of 50-80 turn to a Legacy Life Final Expense policy to ensure they do not leave their child(ren) responsible for their burial expenses including funeral service fees or cremation fees. By purchasing a Legacy Life Final Expense policy, you will ensure that your family has no financial burden and allow the services for your final rites to proceed honorably exactly as you intend for them. Policies can be purchased from $8,000-$12,000 in benefit
Annuities are no risk, and are guaranteed to provide a small yield on your money.