Life Insurance may be one of the most
important purchases you will ever make. In the event of a
tragedy, life insurance proceeds can help pay bills, continue a
family business, finance future needs like your children’s
education, protect your spouse’s retirement plans, and much
more.
If someone depends on you financially, chances are you need
life insurance. Life Insurance provides cash to your family
after your death. This cash (death benefit) replaces your
income and can help your family meet many important financial
needs like daily living expenses, child care, mortgage payments
and college savings. Also, there is no federal income tax on
life insurance benefits.
There are many kinds of life
insurance, but they generally fall into two
categories:
Term
Insurance: Term Insurance is designed to meet
temporary needs. It provides protection for a specific period
of time and generally pays a benefit only if you die within
that term. This type of life insurance often makes sense when
you have a need for coverage that will disappear at a specific
point in time, such as when your children are grown or
when your mortgage is paid off.
Permanent
Insurance: Permanent Insurance provides lifelong
protection. This type of life insurance accumulates cash value
and is priced for you to keep over a long period of time. As
long as you pay the premiums, have no loans, no withdrawals or
surrenders are taken, then the full face amount will be
paid to your beneficiary.
Call Or Email Us Today For
More Information.
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barbaraf@executiveinsurance.com
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