Financial Protection: Life Insurance

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 We all can agree that planning for the financial well-being of our families is certainly a subject we should give some serious thought to.  And, that’s the purpose of the following information – a serious, though not complicated, look at “the truth about life insurance” and why it’s important to you. 

First-of-all, let’s cover one simple truth right away … it’s not a pleasant thought, but it is a necessary one:  Life insurance is primarily about what a person is going to leave to his or her heirs after he or she dies (and the “what” means m-o-n-e-y).  But, life insurance can also provide so much more than death benefits; in fact, life insurance can be a very good way to build personal wealth that can be utilized by YOU prior to your death.

Buying life insurance can be very confusing, particularly today, because you have so many choices.  If you have ever considered, “What is the best type of life insurance to own?” the simple and best answer is “The type of life insurance that is in force on the day you die.”  That may sound like asalesperson’s snappy response, but it is really the solid truth! 

However, most Americans have many, many other questions bouncing around in their minds when they get around to giving serious thought to buying life insurance. Here are a few of those important questions:

• “Which type of policy should I purchase?”
• “How much coverage do I need?”
• “For how long should I retain the coverage?”
• “How much should I spend to secure the proper amount of life insurance?”

Permanent Life Insurance provides you with coverage throughout your entire lifetime, and it may include a way for you to build “cash value" in your policy.  

Types include:

• Traditional Whole Life Insurance
• Universal Life Insurance
• Variable Life Insurance
• Indexed Universal Life Insurance
• Variable Universal Life Insurance
• Last Survivor Universal Life Insurance
• Single Premium Life Insurance