Life insurance is for those who are left behind after your death. While no one wants to think about their own death, taking care of your family, whether you have children or not, is very important, as you don’t want to leave your family with your bills or without your income, if they depend upon it. Sutherin-Melling Insurance can give you the information you need to find a life insurance policy that will fit your budget and your needs.
Preparing for the future usually includes a 401K, IRA, and other retirement accounts, but it should also include a life insurance policy. The retirement accounts take care of you and your needs once you retire, but a life insurance policy takes care of your family if you are no longer here to do it.
- Life insurance comes in two major types. Both option shave pros and cons to them that you have to evaluate carefully to find the right policy for you.
- Term Life Insurance : Term life is the type of insurance that is largely offered by your employer. It is budget friendly, but only offers coverage for the life of your job. If you leave your job, the money paid into the policy is lost, and the coverage is no longer protecting you and your family. However, you are also able to get term life from an independent insurance agency too.
- Whole Life Insurance : Whole life insurance is more expensive, but it offers an insurance policy that stays in effect for as long as the premiums are paid. It has the ability to gain value and the money accumulated in this account can be borrowed against. However, it will decrease the total amount of the death benefit. If money is left in the insurance policy, at some point the interest gained can pay the actual premium of the entire policy.
- Most any insurance policy, even life insurance, has additional coverage options that can allow you to create a policy that will work for you and your needs. Some riders or add-ons to your insurance coverage include:
- Accelerated Death Benefit : This coverage option comes into effect if you are diagnosed with a fatal disease, have a major organ transplant, or have other circumstances that affect your quality of life. If the conditions are met, insurers will pay out all or a portion of your death benefit to help you to pay costs associated with your care.
- Long Term Care Rider : In much the same way as the Accelerated Death Benefit policy works, the Long Term Care Rider can allow the insured to receive some of their benefits to take care of long-term care needs.
- Accidental Death Benefit : This type of coverage offers a multiple of the base insurance payout amount if death is accidental.
- Life insurance may be for those left behind, but it can be so much more. By adding it to your portfolio, you will be able to ensure that your family is cared for after your death, and can add additional coverages to cover your own care. Contact Sutherin-Melling Insurance today to learn more about life insurance and find the right choice for you.