In Life Insurance, I have a big group of extremely satisfied customers.
Who Should Buy Life Insurance?
Life insurance provides financial support to surviving dependents or other beneficiaries after the death of an insured. Here are some examples of people who may need life insurance:
- Parents with minor children
- Parents with special-needs adult children
- Adults who own property together
- Young adults whose parents incurred private student loan debt or cosigned a loan for them
- Young adults who want to lock in low rates
- Wealthy families who expect to owe estate taxes
- Families who can’t afford afford burial and funeral expenses
- Businesses with key employees
- Married pensioners
Types of Life Insurance
Term life insurance lasts a certain number of years, then ends. You choose the term when you take out the policy. Common terms are 10, 20, or 30 years.
The premiums are lower when you're younger and increase as you get older. This is also called “yearly renewable term.”
The premiums are the same every year.
This stays in force for the insured’s entire life unless the policyholder stops paying the premiums or surrenders the policy. It’s typically more expensive than term.
Whole life insurance is a type of permanent life insurance that accumulates cash value.