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Life insurance policies are an agreement between you and the insurer, which says that in exchange for the monthly premiums you pay, the insurer will provide a certain sum of money in the event of your death to the beneficiary(ies) you outline in the policy.
There are several important uses for a life insurance policy.
It covers things including:
- Funeral arrangements
- Outstanding debts (such as mortgages, credit card bills, car loans, student loans, and more)
- Income replacement for a specified amount of time (such as 10 years)
If you have a spouse or children who depend on your income to live at their current standard of living, you want to ensure that they can continue living comfortably in the event of your death.
There is always the debate of whether you should choose term insurance or a whole life insurance policy. If you have questions about which is right for you, then you need to talk with a professional who can give you details of both, so you can weigh your options.
There are many different factors that you should consider in choosing the right policy for you. Please call us today so we can help. 1-888-978-8700.
Life Insurance