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In the event you passed away, how would your family get by?  If your family, elder parents or beneficiaries depend on you for financial support, you should purchase a life insurance policy to protect their future. Life insurance pays a death benefit to the beneficiary of the life insurance policy. Some life insurance policies provide options for building wealth or tax-free investments.

  • Mortgage Companies require you purchase a home insurance policy if you borrow money from the bank. The lending institution needs to be protected if there is a loss. You are protecting their asset!
  • The Leasing company requires you carry insurance coverage before you put the car on the road. You are protecting their asset!
  • If you are leasing a commercial location it is imperative you carry insurance for your business. The landlord will be additional insured on your policy to verify they are protected. You are protecting your landlord’s asset!
  • Your family does not require or mandate you purchase a life insurance policy. If you do not have a policy; who is protecting your family’s asset? Wouldn’t you agree protecting your family is more important than the bank, the mortgage company or the landlord?

Term Life Insurance Defined

Term life insurance is a temporary life insurance solution that provides life insurance at a fixed rate over a specific length of time. Common lengths for term life are 10,20, or 30 years. Typically, the longer the term, the more expensive the policy become it covers a longer time span. Term life insurance provides a death benefit and has no cash value.

Example Quote; $500,000/20-year term policy; 30-year-old male, non-smoker. $30 per month.

Talking to Your Insurance Agent About a Life Insurance Policy

Whenever you are looking at purchasing an insurance policy make sure to let the agent know exactly what you are trying to accomplish; family income protection, providing assets for a college fund just in case you are not around or possibly an emergency cash fund. Life insurance is part of financial planning and the better your representative understands your current lifestyle and long-term goals, the better they can advise you.