Life insurance helps you through the hard times.
Many of us feel invincible, but certain things in life are simply unavoidable. Life insurance is a way to plan for and help your family get through the worst of times. It eliminates the stress of having to make difficult financial decisions during a period of great grief and stress.
What is life insurance?
Life insurance is a contract between the policy owner and the insurance company. The insurance company agrees to pay an agreed-upon sum of money upon the insured’s death.
Life insurance provides financial support to your family upon your death. With life insurance in place, your surviving spouse or family members have a means to pay your debts and provide for your final expenses and estate taxes. In addition, the proceeds from a life insurance policy can be used as a form of income replacement for your surviving spouse or children.
Life insurance comes in several forms. Which is right for you?
There are two primary types of life insurance: term life insurance and permanent life insurance.
- Term life insurance provides benefits in the event of your death if it occurs during a specified period of time, typically 10, 20 or 30 years. If you die during the specified time period—or length of the policy—your beneficiaries will receive the death benefit. If you live past the specified period, the policy may expire or it may automatically renew, depending on your specific policy.
- Permanent life insurance includes a savings or investment component along with the death benefit. These policies are typically purchased for your “whole life,” and allow you to build up a cash value account as well as the death benefit. Permanent life insurance is more complex and comes in many different forms, including whole life insurance, universal life insurance, variable life insurance and universal variable life insurance.
Get personal, knowledgeable consultation from Strate Insurance Group.
Life insurance is very personal and very complex. There are a wide range of variables that can help you determine which type of policy is best and how much coverage you need. The friendly, knowledgeable agents at Strate Insurance Group will get to know you and can help you find the options that best meet your needs and budget.
Contact Strate Insurance Group at (423) 318-5800 to learn more about your life insurance options.