In essence, it is really that simple. Of course the fine details and customizing coverage to individual situation and needs is where it gets tricky. The primary reason for getting life insurance is to cover a need if you or you’re spouse should not suddenly be here. However, that is not the only reason to get a life insurance policy.
Term Life or Whole Life
If you’re just looking to cover a need to replace your income should you suddenly not be here, then simple term life policy will suffice. It is a rather cheap form to cover a need you currently have. If on the other hand you are looking at the long term picture and life insurance is to be part of your estate and retirement savings, then you definitely must take a look at a whole life policy and all its benefits.
Whole life policy will cover your immediate need because its death benefit is available immediately. And furthermore through the years it develops a cash value aspect. Its cash value is available to you in multiple ways. One of those being a monthly retirement paycheck while steel sustaining a full death benefit.
Purchasing a life insurance policy is a very serious and a long term financial decision. It should always be performed following a consultation with a life insurance broker, who’s up to date. The industry evolves just as everything else and what was true last year, may be different today. Give us a call or drop us a line and let’s discuss, which type is the best for you.