You should have life insurance if you have family members that depend on you for their everyday living expenses, retirement income, and even college tuition.
Life insurance can make a significant difference for your family when you pass, not just financially but also emotionally. Having this kind of insurance policy sooner rather than later will allow you to have more options, opportunities, flexibility, and the financial security you will need in the future.
Life insurance is a contract between you and your insurance company. You make regular payments or premiums while the insurance company takes care and pays your beneficiaries tax-free money when you pass on.
With some insurance policies, you can have extra benefits that you can use during your lifetime, such as accessing your policy's cash value, which you can use for a home down payment.
Although, acquiring the cash value will lessen the policy's total cash value and, of course, your death benefit. Other times, you can even accelerate your death benefits and use them for your health care needs.
Main Types of Life Insurance
There are two main types of life insurance, which are:
Term Life Insurance:
Term life insurance gives you a death benefit for a set period between five and twenty years. This is direct insurance and is something that most people start with.
Some term life policies can be upgraded or converted to a permanent policy at some point. This decision could be a valuable benefit if your life changes and you might need a little extra protection.
Permanent Life Insurance:
Policies such as universal, whole, and variable universal fall into the category of permanent life insurance. These types of policies give you protection for the long-term.
Some policies guarantee more than others, and other policies give you the opportunity to increase the cash value of your life insurance policy.
If you have a family that depends on you, it is a great idea to purchase life insurance. This will ensure that they are well taken care of in the event of your passing.
At Meyerson-Roth Co Inc, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (516) 432-5800. Get your free quote today by CLICKING HERE.