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Life insurance protects your loved ones after you pass away. Life insurance pays for loss of your income living expenses like your mortgage, credit cards and other debts, and educational needs for your children.
Discussing life insurance is never easy but everyone needs to consider it. The amount and type of life insurance is personally unique. The professionals at Airey Financial Group know the importance of life insurance for your financial plan. We review your life expectancy and current financial situation to help you decide on a life insurance plan for your needs. Our professionals also check your changing life insurance needs with annual reviews.
The first step in choosing a plan is to understand the types of life insurance policies available.
Term Life Insurance covers you for a specific amount of time, usually 10 to 30 years. The benefits of term life insurance are that it is easy and affordable. The drawback of term life insurance is that it doesn’t add value-any unused insurance expires worthless. Term life insurance often supplements permanent life insurance.
Permanent Life Insurance covers your entire lifetime, as long as you pay your premiums. There are three types of permanent life insurance, whole, universal, and variable universal.
Whole Life Insurance provides a guaranteed death benefit and cash value for a fixed premium. There are many benefits to the cash value of whole life insurance policies. As long as the policy is in good standing, you can borrow against the cash value use it to supplement your pension strategy or pass it on to your heirs with the death benefit. If you cancel your whole life insurance policy, you receive the cash value minus any surrender fees. Another benefit of some whole life insurance is an option to add a long-term care rider to help fund your health care needs as you age.
Universal Life Insurance offers flexible death benefits and payments. Once you meet basic policy requirements, you can adjust your premiums and benefits to meet your needs. Variable Universal Life Insurance offers flexible payment choices and death benefits with investment opportunities. The potential for higher cash value is exchanged for benefit guarantees with variable universal life. The drawback to universal life insurance policies is the interest rate risk, which is market dependent. Another drawback to universal life insurance is you may need to complete a medical exam with changes to your policy.
Whether you need term or permanent life insurance, or you aren’t sure, our professionals at Airey Financial Group can help you choose a suitable amount of coverage. Because coverage needs change, we also continuously review your life insurance policy to make sure you have suitable coverage for your financial planning goals.
Need helping with your life insurance planning? Use the form below to contact us or call us at 219-650-4050. We look forward to speaking with you.