Although talking about life insurance may seem morbid because it is only paid out in the event of your death, having a life insurance policy can be one of the best steps you take to ensure that your loved ones are financially secure should you pass away prematurely. When deciding if you need life insurance, you’ll want to start by asking yourself who is currently relying on your earning capacity. If the answer is none, you may be able to get away without having any life insurance. If not, determine how much money your dependents need for their ongoing living expenses, such as mortgage payments, education costs, etc.
When it comes to life insurance, there are two main types: whole life insurance and term life insurance. Whole life insurance is the more expensive of the two options by a considerable margin, but it is valid for the entire duration of your life. It cannot expire if the policy premium continues to be paid. Furthermore, it includes an investment component that grows with time and can be withdrawn for any reason if needed. Conversely, term life insurance is valid for a specific period of years – 10, 20, or 30. If you pass away outside of the term period of your policy, your death benefit will not be paid to your beneficiaries.
Shopping for life insurance has never been easier than using the professional services offered by the Bye Financial Group LLC team in Grand Ledge, MI. Our knowledgeable team of insurance professionals can help answer any questions on life insurance and help you decide how much to purchase and what kind of life insurance would best protect your loved ones. Give us a call today to learn more.