Life Insurance ensures that your family is well provided for in the event you’re no longer around to care for them. Should you pass away, your family is quickly awarded a death benefit to cover life’s necessities: housing, medical care, education, food, even your own funeral expenses.
When obtaining life insurance, you’ll want to think about the lifetime of the policy, and the benefit amount, or how much your survivors are compensated if you die. If you have young dependents, the policy should last at least until they’re grown. The benefit should cover their upbringing and education.
Life insurance is an affordable way to provide a financial advantage to your posterity.
Three different types of Life Insurance:
Term Life insurance
Term Life insurance policies are available for persons aged 18-80 years. You choose the length of your term; the most common options are 10, 15, 20, or 30 years from the time the policy is opened. Premium payments and benefits are fixed, meaning that neither will change during your term length. Should you outlive your term, the policy expires and no death benefit is paid.
Term life insurance is a great tool for protecting concerns with specific time frames, such as sending your kids to college, or paying off your mortgage in the event you aren’t there to provide.
Permanent Life insurance
These life insurance policies do not have a term, or end date. Your coverage lasts your entire lifetime, as long as you continue to make your payments. Premium payments are significantly more expensive than with term policies, but your survivors are guaranteed a death benefit, no matter how long you life.
These policies also build cash value, and are sometimes utilized as savings or investment vehicles. Permanent life insurance is ideal if you want to pass on a significant sum of money to your posterity, regardless of the timing.
Final Expense Life Insurance
Typically the most affordable type of life insurance, Final Expense policies are intended for settling your financial loose ends such as funeral expenses, medical bills, and outstanding debt. As with term policies, you can add protection for terminal illness, which, in the case of a diagnosis, would enable you to take advance payment for treatment and end-of-life care. Unlike with Term and Permanent policies, there is no medical exam required, and coverage can often be obtained in as little as 24 hours.
Get started with a Life Insurance Policy
Carroll Insurance is here to help you take care of what matters most. We offer a wide range of life insurance programs to fit your needs at a competitive price. We consult on–and provide–term, permanent, and final expense life insurance.
- 281-656-3000
- service@carrollins.com
