As the song goes, “all you need is love.” And no date on the calendar embodies that notion more than the fourteenth of February. Traditional Valentine’s Day gestures were almost exclusively romantic in nature, but the modern-day version celebrates all of those we love. “Galentines” to gal pals, flowers to friends, candy to kids — even special treats to pets. This is a time to reflect on and appreciate all of our loved ones so they know how much we care.
And while it may not be romantic in the traditional sense, life insurance is an expression of love. Its sole purpose is to protect the people who mean the most to you by making sure they’re cared for now and in the future. A good life insurance policy provides a protective safety net, ensuring your spouse can pay everyday bills and your kids can go to college. Even your grandchildren and extended family can be the beneficiaries of your prudent planning.
In exchange for your premium payments, life insurance pays a lump sum benefit to your policy beneficiaries that they can use for whatever financial needs they may have. There are two basic types of life insurance: term life and permanent life.
Term life insurance provides protection for a designated length of time of your choosing, such as 10, 15, 20 or 30 years. If the death occurs within that term, your beneficiaries receive the benefit. Otherwise, there’s no death benefit paid. This option is best for those whose priority is to provide coverage for a specific period of time, oftentimes considered for income replacement before retirement or to make sure your children can remain in the family home until they’re ready to go out on their own.
Permanent insurance comes in two varieties: whole life or universal life insurance. Both of these can provide lifetime coverage. While usually more expensive than term life, permanent life is optimal for those who want the benefit paid no matter when they die. Permanent life insurance policies also accumulate cash value.
With whole life insurance, the premiums, rates of return and amount of benefit are fixed and guaranteed. Universal life insurance can offer more flexibility, with adjustable premiums within certain parameters. Cash value growth depends on the insurer and the type of universal life insurance: guaranteed, indexed or variable.
Obtaining life insurance doesn’t have to be complicated or expensive. With We Insure at your side, it can be easy and affordable. Your local agent will be happy to explain the options available to you and customize a plan that fits your individual needs and budget.
While roses and chocolates are thoughtful, lasting love deserves the gift of a lifetime. During this season of love, consider giving the gift of life insurance protection. Contact your local We Insure agent today for a free consultation.
The information contained in this page is provided for general informational purposes only and may not be applicable to all situations. We Insure makes no guarantees of results from the use of this information.