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.

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