Why Life Insurance is Important

Losing a loved one is one of the most difficult things to have to go through. Imagine on top of the emotional struggle, having to deal with a financial struggle as well. Think of the worry that comes along with the passing of a spouse. You will have a loss of income, as well as medical and burial expenses. If you have a funeral, there are costs for having a funeral as well.

Life insurance is available to give you the peace of mind in knowing that you are financially covered. You won’t leave family members behind with a tremendous financial burden. Family members will not have the added strain of thinking about finances while grieving.

Rest assured that your family will be taken care of in the event of your passing. A life insurance policy can pay for all of your funeral and burial expenses, as well as paying off your home so your spouse doesn’t have to pay for it with only their income. It can also pad their bank account, replacing your income, so they can continue with the same quality of life as before.

There are 4 main types of life insurance:

Term Life Insurance

Term life insurance is protection for a set amount of time. This is usually a starting point for young families, but you can upgrade to a more permanent solution later.

Whole Life Insurance

Whole life insurance grows with you as you grow. It builds a cash value that you can access at any time, and it a solid option for most families.

Universal Life Insurance

Universal life insurance is similar to whole life insurance, except it doesn’t accumulate cash value. However, it is flexible in the fact that you can adjust your premiums and benefits as necessary.



Variable Life Insurance

A variable life insurance policy has market-based growth potential. This means that you receive permanent protection with your policy, while taking advantage of investment opportunities that grow your policy’s cash value over time.