What is Life Insurance? 1
A necessary element in a strong financial plan, life insurance provides a death benefit to your beneficiaries and can replace some of the income you would have earned. This could aide in preserving your savings, maintaining your family's standard of living, safeguarding your education funding, and paying off a mortgage. The two types of life insurance policies are term and permanent. The life insurance policy that's right for you depends on many factors, including your budget, the amount of coverage you need, and the length of time you'd like the coverage to last. Here's the rundown:
- Term Life Insurance
A term policy can meet a wide variety of business and personal needs and are a practical way to provide the most coverage for your premium dollar. Although term policies do not accumulate cash value, many do offer a feature that allows you to convert to a permanent policy within a certain time - without having to submit evidence of good health.
- Permanent Life Insurance
A permanent policy can provide valuable protection for your family. They offer the potential not only for lifetime protection and guarantees but also to build cash value. How that cash value grows varies based on the type of insurance policy you have. Whether you need variable, universal, whole life or survivorship, the Senior Advisor Corporation can find the most fitting insurance product for you offered by our partnering professionals.
Only 44 percent of US households have individual life insurance. This is a 50-year low.
About 7 in 10 middle-market households agree life insurance is the best way to protect against premature death of a primary wage earner.