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The landscape of planning for the future is regularly changing, which is why it’s important to get solid advice from those whose business it is to monitor those changes.  Life insurance may not seem as urgent a need as automobile or homeowners, but not having it can make a huge difference when it comes to what may happen to your family should something happen to you.  Leaving your spouse and dependent children without the necessary means to cover funeral expenses and the loss of your income just makes a difficult situation that much worse.

Life insurance is a time-honored and reliable way to ensure your family’s peace of mind in the event of a tragedy.  While many people have the option of purchasing some kind of life insurance through their financial institution or job, it is often best to get a freestanding policy not locked to a bank or place of employment, as it gives you, the policyholder, more control.

There are three basic types of life insurance:  term, universal life, and whole life. What is the difference?

Term is the cheapest way to go for the short run and is great for those who are young and healthy.  Medical exams usually aren’t required. The terms of the policy can run from five to thirty years. Your policy premiums are fixed.  However, once the term of the policy runs out, you will have to renew, and often pay a higher rate. Also, should you die before the term is up, your beneficiary would receive only the face value of your policy

Universal is more expensive than term, but coverage is for up to a certain age, not just a set term of so many years.  Your premiums stay the same through the life of the policy.

Whole life coverage is similar to universal except it will accrue a cash value and often allows you the option of borrowing against the cash value.  This is the most expense of the three.

Let Scott and his team decide which option is right for you.

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