Life insurance can be the foundation of your financial security and can provide comfort and stability for your family. The purpose of life insurance is to help provide your loved ones with financial protection after you die, in exchange for the premiums you pay to your insurer during your lifetime. Some life insurance policies can provide you with financial protection for the short term, while others accumulate cash value, offering a living benefit that can be used for supplemental retirement income, funding for a child's education, or cash for emergencies.
Term Life Insurance provides coverage for a set period of time at a generally lower cost than permanent insurance. Many term life insurance products allow you to convert to a permanent policy, such as whole life insurance.
Taking away financial stress The death of a family member can be an overwhelming experience and worrying about how things are going to be paid for is the last thing you need at a time like this. Life insurance may not be able to alleviate the pain, but it can certainly provide peace of mind when it comes to the practical money matters.
Paying off debts and loans If you were to die tomorrow, who would pay your outstanding debts? Life insurance can be used as protection to help ensure your family or friends don't have to pick up the bill.
Permanent Life Insurance provides you with financial protection for your entire life, as long as the policy remains in force.
Protect your home If you were to die tomorrow, who would pay your outstanding debts? Life insurance can be used as protection to help ensure your family or friends don't have to pick up the bill.
Funding their college education The money from a life insurance policy can be used to pay for your children’s college education. Or, if they are still young, the money can be invested with the goal of reaching the required amount by the time they reach college age.
Replacing lost income It may be that both you and your spouse work and have planned a future based on two incomes – if one of you dies unexpectedly, life insurance can be used to replace the lost income, so the survivor(s) can maintain the same standard of living.
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