Life insurance protects your loved ones. It shows them that you care and buys them time and options.
There are three major types of life insurance including whole life, universal life and term life insurance.
Alternatively, with term life insurance, all of your payments are put toward the death benefit for your beneficiaries, with no cash value and, therefore, no investment component; this means small premiums in exchange for a large death benefit. When you purchase life insurance, you choose at least one beneficiary — the people or entities that would receive a benefit from your policy.
Whether or not life insurance is a good investment for you depends on your individual finances as well as the length you'll need coverage. Term life insurance can make sense if you want to be covered for a set time period, while permanent life insurance can cover you for life. The investment portion of permanent life insurance grows tax-free. You can also borrow against the cash value to buy a house or pay for your children's college costs, tax-free.
Never expected to lose my parents due to an accident. But I'm grateful they planned ahead so I could pursue my degree.
Jenny grew up wanting to follow in her father's footsteps by becoming an Engineer. Thankfully, her parents took BenefitsDallas advice to purchase Term Life insurance to cover her school and future costs. That gives Jenny once less thing to worry about during a difficult time in life.
– Term Life Insurance
Types of Life INsurance
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Term Life Insurance
Whole Life Insurance
Universal Life Insurance
What about the future?
What is the right kind of Life Insurance?
Other factors to consider are: How will my family pay final expenses and repay debts after my death? Do I have family members or organizations to whom I would like to leave money? Will there be estate taxes to pay after my death? And how will inflation affect future needs?
All policies are not the same. Some give coverage for your lifetime and others cover you for a specific number of years. Some build up cash values and others do not. Some policies combine different kinds of insurance, and others let you change from one kind of insurance to another. Some policies may offer other benefits while you are still living.
Why should I get coverage?
Do I have to take a physical exam?
Life insurance may be more expensive if the company does not require a physical. You will still likely have to answer a few, broad health questions on your application. The insurance company knows it is taking a risk because people with poor health could buy their policies so they balance their risk by charging higher premiums or limiting the amount of insurance you can buy.
You might ask yourself, “If I were to die, how would my survivors, especially my spouse, get by? Does anyone else depend on me financially, such as a parent, grandparent, brother, or sister? Do I have children for whom I would like to set aside money to finish their education in the event of my death?”