What is life insurance?

The loss of life can be completely devastating to our loved ones. In a time of mourning, the last thing you want your family to think of is financial issues. Life insurance serves the purpose of eliminating the financial stress from your families lives. With life insurance in force, you get peace of mind knowing that a lump sum will be given to your family in case of your passing. The two main types of life insurance are term life, also known as temporary life insurance, and permanent life insurance.

Determining your life insurance needs

Life insurance is cheaper the younger you are. Keeping this in mind, regardless of the type of life insurance you choose, you will save money buying insurance at a young age.

If you are a single person, your life insurance goals start out by locking in life insurance at an affordable rate, as well as locking in your insurability. What this means is, take advantage of locking in life insurance while you are healthy, because if ever you become unhealthy, you may no longer be eligible for life insurance.

Your life insurance needs grow once you have a spouse, as you want to protect his/her well-being if something were to happen to you.

Once the family grows and you have children, life insurance needs grow along with your family, as now you need to protect your spouse as well as the upbringing of your children. This is the period in your life when insurance needs are the greatest.

If your children have finished school, and are no longer at home, you now need to consider life insurance in order to protect your estate.

In brief, life insurance needs are always there, no matter your situation. This is where an insurance broker becomes necessary, in order to figure out your exact needs and the product that best suits your situation. Get in touch with Team Levine today. We’ll gladly help you navigate the world of insurance!