Life Changes... So Should Your Life Insurance Policy
Make sure your loved ones are financially secure with the right life insurance policy rather than subject to additional stress and uncertainty in the event of your untimely passing. Loss of a parent, spouse or even child can be emotionally devastating, make sure you have coverage in place to protect the stability and plans you have for your loved ones. We can help you determine an amount that would be adequate to stay in the home, school district, activities, pay ongoing expenses, keep college plans in place and keep a similar standard of living.
As your life changes, your life insurance coverage may need to change in order to adapt to your current needs. Some life transformations that may require a policy “tune-up” include:
- Change in marital status
- New child or grandchild
- Health situation change – yours or your spouse/partner
- Caring for an elderly parent
- A child or grandchild needs long-term care
- Purchase of a new home or property
- Planning for retirement
- Your financial situation changes due to an inheritance
Life Insurance Basics
There are several types of life insurance policies. Here are just a few:
Term Life Insurance
Term life insurance provides protection for a specified period of time. If you do not currently have life insurance, term life can be a good place to start. It’s generally less expensive than Universal or Whole Life and is available in varying time periods with fixed premiums from a one year to 30-year (level term) period.
Whole Life Insurance
Whole life insurance is permanent life insurance, provided premiums are paid as specified in the policy. Whole life insurance can be an investment opportunity, as many whole life insurance policies also build cash value over time.
Universal Life Insurance
Universal life is permanent life insurance characterized by its flexible premiums, face amounts, and unbundled pricing structure. Universal life can build cash value, which earns an interest rate that may adjust periodically.