What is Life Insurance?
Permanent life insurance may be able to provide money to help cover your living expenses. A permanent life insurance policy with cash value may be able to help meet accumulation goals, if properly funded, through cash value policy loans and withdrawals, such as: helping to fund your children’s education, supplementing your retirement income. Also, it can provide a financial resource if you become seriously ill through the use of living benefit riders. Riders can be added to provide you with benefits you may use throughout your lifetime, called living benefit riders.
What can I cover with my benefits?
Life insurance benefits can help pay immediate expenses including uncovered medical costs, funeral expenses, estate settlement costs, taxes, outstanding debts, Mortgages balances, and more. Life insurance benefits can also be used to help your family cover future financial obligations like everyday living expenses, money for college, income for your spouse during retirement and so much more.
TIP: Ask yourself this question:
How much would your family need to cover these types of expenses?
How much is going to cost me?
Coverage isn’t as expensive as you think. Premiums for life insurance are often less expensive than monthly bills for a cable or cell phone. Many experts recommend ten (10) times your annual income as a guideline for the amount of coverage you need. That may sound like a lot of money but once you start to think about how the money will be used, you can see the needs really add up.
How Does Life Insurance Work?
You make payments called “premiums” to a life insurance company. The company agrees to pay a specified amount to whomever you designate to receive the money from your policy when you pass away.
Who Needs Life Insurance?
Most people need life insurance:
• those with dependent children
• an older family member who depends on your wages
• people who need help meeting retirement goals
• newlyweds
• a young couple planning to start a family
• a current homeowner
• families with special needs children
What Type of Life Insurance Should You Have?
There are three basic types of life insurance you can choose from:
• Term
• Whole Life
• Universal Life
What Are Living Benefits?
Life insurance can do more than pay a death benefit. With powerful riders, you may be able to accelerate the death benefit due to a qualifying illness or injury and potentially provide a guaranteed source of retirement income if you live too long.
Accelerated Benefits Riders are optional, no additional cost riders that can allow you to access all or part of the death benefit while you are living if you experience a qualifying terminal, chronic, or critical illness or critical injury.
Regardless of your life stage, life insurance could prove to be one of the most valuable financial decisions you ever make. Life insurance is about protecting your family’s future. That’s why for Lapeira & Associates LLC, your family comes first. With personalized and affordable coverage, we are here to make it easy for people like you to protect the ones you love. Contact us today: 1.855.963.6900.