Things To Think About
As with all insurance, life insurance plans are about preparing for the unexpected. We don’t plan to have a heart attack or meet an untimely end. We may fret about the unforeseen, but there are few ways to prepare for it. Life insurance provides a way to be prepared and get peace of mind.
The main reason to buy life insurance is for financial protection for your family and dependents. If you are the sole income earner or the major provider in your family, then life insurance definitely makes sense. If you should die unexpectedly, your policy will help your loved ones pay your final expenses and potentially receive ongoing support. The amount they receive will depend upon the size of policy you buy.
Frequently Asked Questions About Life Insurance
How much life insurance do I need?
This depends on your life circumstances. Life insurance can be used to pay off outstanding debt, replace income, or even putting your children through college.
Can I get life insurance if I smoke?
Yes, but rates for smokers are considerably higher.
What different types of life insurance policies can I get?
The most common life insurance policies are term, whole life, and universal life.
Can I designate multiple beneficiaries?
Yes, as many as you want and you can assign different percentages to each.
Who can I make a beneficiary?
You can designate anyone! Spouse, children, grandchildren, other family members and friends.
Can I borrow money from my life insurance policy?
Yes, if you carry a whole or universal life policy that has accumulated a cash value.