What is most important to you in life? While your house and cars may be the most costly things you own, they pale in comparison to the priceless worth of the people you love the most. When you purchase life insurance, you are giving your family the most precious gift you could ever give them – security.
Why Purchase Life Insurance?
There is no end to the benefits life insurance can provide both now and in the future. Depending on which type of policy you choose, you may be able to use the living and death benefits to:
- Create a source of savings
- Borrow against the cash value in your policy
- Pay final expenses
- Provide replacement of your income
- Support a child through college
- Pay off your family’s debt
- Leave a financial legacy, such as an inheritance or charitable contribution
- Cover the inheritance/death tax on your estate so that heirs do not have to liquidate their assets
Types of Life Insurance
Here at Smart Move Insurance, we can help you select the type of life insurance that will best fit your needs. There are two primary choices – term life insurance and permanent life insurance. Depending on your financial goals and your current stage of life, you may choose to purchase one or both.
Term life insurance is high benefit coverage with affordable premiums. It is offered for a specific period of time – often 10, 20, or 30 years – after which time the policy expires. With term life, policy-holders can purchase hundreds of thousands of dollars in coverage that would provide income replacement in the event of an untimely death. These policies are most often purchased by individuals with dependents who rely on them for financial support in their working years.
Permanent life insurance is coverage that is designed to last a lifetime. Though the premiums tend to be higher, these policies will accumulate cash value over time, creating a financial resource that can be used in the future. Some permanent life policies even feature a flexible premium option, which may allow for adjustment of annual premiums during financial hardship or when you need to reallocate your cash flow to other personal expenses.
Talk to a North Phoenix Life Insurance Agent Today
We recommend examining your life insurance needs periodically to ensure your coverage is continuing to meet your needs. Major life events, such as the birth of a child, as well as changes in your personal finances, could affect the amount of coverage your family would need to cover future expenses. If you have not reviewed your life insurance policy since you obtained it, now is the time to do so.
Likewise, you should also contact your independent agent if you have coverage through a group plan at work. In most cases, group life insurance offers inadequate death benefits, and the policies are often contingent upon your employment. If you ever leave or change jobs, you could lose your coverage. By that time, it may be too late to qualify for a private life insurance policy – especially if you have experienced changes in your personal health.
If you want affordable protection to that will provide your family with security for years to come, contact Smart Move Insurance today. Whether you what short-term income replacement or a lifetime of flexible benefits, we have an insurance policy that will fit your needs and budget. Call us today to request your free quote. We look forward to serving you soon.