What Is Life Insurance?
Life Insurance is a financial product which pays a guaranteed amount of money (or sometimes a variable amount) upon the death of the insured person.
What Is Life Insurance Used For?
Life Insurance is typically used as part of a financial plan to address a variety of expenses, such as:
- Paying off a home
- Covering final expenses
- Funding educational expenses
- Increases family wealth
- Addressing estate taxes
Do I Need Life Insurance?
Because there are only two certainties in life, death & taxes, you will likely have a need for some level of life insurance coverage. Our advisors can help you determine the amount of coverage and the policy type which best fits your need.
What Types Of Policies Are Available?
There are two main types of policies commonly used as part of a financial plan. They are:
Term Life Insurance
Term Life is offered over a specific length of time (generally 10 years, 20 years, or longer). It does not build cash value but includes a relatively inexpensive premium when compared to permanent life insurance. The policy premium remains the same throughout the term. At the end of the term coverage may be continued at a substantially higher premium.
Permanent Insurance includes whole life, universal life, and variable life. Regardless of which version you obtain, permanent insurance is intended to grow wealth in addition to paying a death benefit. The premiums are higher than term insurance but the policy builds cash value which can be used in other areas of the financial strategy.
How Do I Learn More?
Quotes Parade has developed many easy to read guides to give you some basic knowledge about life insurance. When you are ready to take the next step, we encourage you to speak directly with one of our licensed advisors who will learn about your specific needs, address your concerns, and help negotiate a custom solution.