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Life insurance is incredibly important to absolutely anybody, especially those with a family. People tend to opt for life insurance plans when they are faced with major life changes, such as getting married or having a baby. Generally, when someone else becomes such a large part of your life, life insurance is key to ensure that, if something happened to you and you could no longer be with them, you would be leaving them funding to cover funeral costs and general living costs without you.

Life insurance, either whole life or term, may have one of a number of purposes. The bottom line is protection but protection from what? The whole life insurance pros and cons relate to the annual cost of the insurance and the benefits which we will discuss later in this article.

Life insurance can be used to protect from the loss of income if the breadwinner passes on. This is particularly important for families with children. When the income stops coming in, the cost of raising a family do not. So families should have protection.

Life insurance can provide retirement income. These policies are usually annuities. Annuities in IRAs have guarantied protection of principal and have been remaining stable in value despite the required annual withdrawals.

Life insurance also provides a monetary benefit to a decedent’s family or other designated beneficiary, and may specifically provide for income to an insured person’s family, burial, funeral and other final expenses. Life insurance policies often allow the option of having the proceeds paid to the beneficiary either in a lump sum cash payment or an annuity. In most states, a person cannot purchase a policy on another person without their knowledge.

Without life insurance, your family or spouse will be left to pick up the pieces without help and may lose out on money that you wanted them to have. A consequence of not having life insurance is that your family will miss out on the contribution of your income in the household income and may have to leave their home to start anew somewhere else, as they cannot afford to fund the home alone. Imagine the added pain that having to leave the memories that you made in your own home would cause your family, given that they will be desperate to cling onto your memory after you pass away.

For more details on Life Insurance, please refer to this Life Insurance Wikipedia article.

What Types of Life Insurance Are Available?

Definition: Life Insurance is a contract between the policy owner and the insurer, where the insurer agrees to pay a sum of money upon the occurrence of the insured’s death. In return, the policy owner agrees to pay a stipulated amount called a Premium at regular intervals. As with most insurance policies, Life Insurance is a contract between the insurer and the policy owner (policy holder) whereby a benefit is paid to the designated Beneficiary (or Beneficiaries).

Term Insurance – 10 years, 15 years, 20 years, 30 years. Designed for low cost, short term exposure.

Universal Life – A flexible type of insurance. For Individuals and families wanting some type of guaranteed protection for life. We offer Fixed Rate guaranteed and Equity Index Plans designed for highest maximum returns with no downside in capital.

Whole Life Plans – Whole life insurance, also known as permanent life plans. These plans have been around for many years. You are guaranteed coverage until death and premiums remain level until you reach age 100 when the full face-value of the policy is given to you.

Joint Whole Life – Plans designed for business owners and married couples who want to keep premiums down without losing protection with fixed prices.

Children’s Policies- Designed either for maximum savings or maximum protection with low premium in mind.

Endowments – Plans that are designed to leave maximum amounts of tax-free money to churches, charities, universities, etc…

Buy/Sell Agreements – Designed to protect business owners if a partner dies. A set price is paid to settle the deceased owner’s portion of the company, guaranteeing the survival of remaining owner(s).

* Recommendation:

Buy enough protection to cover all debts and create an income for your family.

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