WHY YOU SHOULD BUY LIFE INSURANCE

May 12, 2021

WHO NEEDS LIFE INSURANCE?

If you have anyone who depends on you financially (children or spouse), life insurance is a really good investment.

Have a mortgage or other debts that your loved ones may end up bring responsible for if you die? Get life insurance.

For younger adults, life insurance may be even more important because you likely haven’t amassed enough savings to cover future expenses, like your child’s education, your burial or funeral costs, unexpected medical expenses and so on.

WHAT TYPE OF INSURANCES ARE THERE?

Term Life insurance

Permanent life insurance provides coverage for life and allows you to earn tax-deferred cash. It remains in effect for as long as you pay your premiums. This type of insurance is usually more expensive than term life insurance and can come in three different types:

• Term to 100: These generally have consistent premiums over the duration of the policy (until you turn 100), but no cash value.
• Universal Life: This type of policy includes insurance and investments. You can accumulate wealth tax-free and even withdraw or borrow from your policy (with tax implications, of course).
• Whole Life: These plans have the same premiums over the duration of the policy (until you turn 100) and guaranteed cash values, but will also generate an annual dividend.

IS THE INSURANCE PROVIDED BY MY EMPLOYER ENOUGH?

The costs of buying into an employer life insurance plan are pretty minimal, but it may not be enough to cover your specific needs. Take a look at what you’re actually covered for and decide if that will be enough to protect your loved ones for five years. If not, you may want to consider buying additional insurance.

WHERE CAN I GET LIFE INSURANCE?

Call or email and I will provide a no obligation quote.

Source: Quantus Mortgage

HAVE MORTGAGE QUESTIONS? I AM HERE TO HELP YOU!

Please feel free to contact me with any questions you may have. It would be a pleasure to assist you or any one of your friends or family members!