Would your family be secure if you and your income were suddenly gone? What about your business?
Life insurance is intended to provide for and protect those that are dependent upon you and your income in the case of your death. Life insurance can also be used for handling your final expenses and to pay any expenses you might be leaving behind.
There are two basic types of life insurance; these are term life insurance and permanent life insurance. Each has its own advantages and disadvantages. When you buy or where you are at in your life can play a major role in deciding which type of insurance to get. You can always add more insurance as your financial situation allows but it is important to understand that the costs go up, as you grow older.
Term life insurance comes in several different forms. It is usually the simplest and least expensive coverage but the benefits are for a specific time period or term.
Permanent life insurance like term insurance comes in many different forms. It is a little more involved but offers coverage for your lifetime as well as cash value, savings and loan options.
If you have life insurance through your place of business you might consider having additional insurance outside of work. Your business could close, you could lose your job or you may simply move to a new career. When that employment situation is gone the insurance may be gone as well and now you will be faced with the situation of buying insurance at a higher rate because you are years older.
Do not ignore or put off life insurance if you have people dependent upon you. We would be happy to answer your questions and help you decide which type of insurance is right for you.