Here at Elite Benefits Group, we understand that you care about your family, and that you want to take care of them. One of the most important things you can do to ensure that your loved ones are provided for is to get life insurance, which will provide them with some much-needed financial security in the event of your sudden passing. Our team understands that talking about these matters can be intimidating, so to help you get over the initial discomfort, we have put together this brief guide to the key things you need to know about life insurance.
- When is the Right Time to Get Life Insurance? If you are single and have no dependents, you may not need life insurance, but you should definitely consider getting it if you get married or have a child. Once any dependents come into the picture, it’s time to look into your life insurance options so you can provide for them in the event of your death.
- What are the Different Types of Life Insurance? There are three main varieties of life insurance, known as term, universal, and whole life policies, which offer distinct benefits. Term life insurance is often more affordable than the whole life variety because it can be bought for certain numbers of years, most commonly in 10-, 20-, or 30-year increments. These policies will kick in if you should die within the designated time frame, and you will need to buy new policies as the old ones expire. Universal life is a permanent policy that can build cash value. It offers flexibility to increase or decrease your death benefit or premium without having to buy a new policy. Whole life insurance, as the name implies, is a cash value policy that you keep for the rest of your life. While this does make it more expensive, whole life insurance also allows you to borrow against its cash value if you should need to, which makes it worth considering.
Our team hopes that this information has been helpful, and we encourage you to give us a call if you have further questions.