Life can be unpredictable, and that can be scary if you are unprepared. Some days it seems like you can never be too prepared. One day you have just purchased your dream home and are preparing to move in with the love of your life, while the next day both of you are facing the consequences of growing older. What can you both do to grow old gracefully, while protecting what is yours?
Valentine’s Day is rapidly approaching. Nothing says I love you to your family or significant other like shopping for life insurance. An insurance agent can help you review different life insurance products to find the one that meets the needs of your family or significant other in the event that something happens to you.
Some of the life insurance products available include:
Final Expense Insurance
This is the perfect alternative to traditional life insurance, as it is one of the most affordable choices available. No medical exam is required, and your premiums will not increase over time. Final Expense Insurance helps your loved ones cope, not only with the loss of their loved one, but also with the costs accrued with funeral and burial expenses.
While traditional life insurance can take weeks to pay out, final expense insurance can provide funds to your family and loved ones within 24 to 48 hours. This can be crucial for staying current with a mortgage or everyday expenses.
Fixed Annuities
Fixed annuities can help you accumulate tax-deferred earnings to your overall retirement plan. They can also offer an opportunity for lifetime payments and guaranteed health benefits for your beneficiaries. You will want to consider fixed annuities for your long-term financial strategy if you are in a higher tax bracket and want to defer any additional income.
Term Life Insurance
Term Life Insurance provides a low cost way of providing maximum coverage for your loved ones and beneficiaries. Protection is provided for a limited number of years, however, it expires without value if the insured lives beyond the policy period, usually five to 20 years.
Term Life Insurance pays the death benefit only if you should die within that term, and it terminates if you discontinue your premium payments.
Universal Life Insurance
This type of life insurance offers the most flexibility. Policy holders can determine the amount and frequency of premium payments. The more they pay, the less time they need to pay.
Whole Life Insurance
Whole Life Insurance provides permanent protection from the date you purchase your policy to the date of the insured’s death, provided that the policy premiums are paid to date. Premiums are set at the time of the policy issue, and they remain level for the policy life.
Whole Life Insurance combines insurance protection, savings, or cash value, which builds over time. This may provide living benefits for loved ones or beneficiaries that help pay off a mortgage, fund a child’s education, or a cash surrender value, if the policy is ever cancelled.
If you are in the Raleigh, North Carolina area, and you are looking to give the gift of piece of mind for Valentine’s Day, contact the Greg Suggs Insurance Agency for all of your life insurance needs.
