Spend a single beautiful day in California, and it can feel impossible that life could ever let you down. But the truth is that tragedy can strike in the blink of an eye. All of your future plans with your family, everything you wanted to do in retirement, all of it can be gone in an instant.
No one wants to think about their demise, but the reality is that you never know what might happen. What will happen to your family if you’re no longer there to take care of them? How will they survive financially? While tragedies can’t always be prevented, they can be planned for — with a solid life insurance policy.
Who needs life insurance?
Anyone with financial and personal responsibilities needs a life insurance policy. It’s common to buy a new policy during big life changes, but if you see yourself in any of the following, you need life insurance:
- Married people
- Divorced parents
- Single parents
- Caregivers of children or adults
- Anyone who doesn’t want their family to pay for their funeral
In any of these situations, your untimely death will leave behind someone who needs your care or ongoing financial obligations.
What does life insurance pay for?
A life insurance policy pays for the finances left behind after your death. From funeral expenses to mortgages to college educations, your policy can cover more than you realize. The size of your policy determines just how much support you can provide your family. Even if you’re single, you need a life insurance policy that can pay for your funeral and any remaining debts. The last thing you want is for your grieving family to worry about money.
What kind of life insurance can I purchase?
There are two main types of life insurance most people purchase: whole life insurance and term life insurance.
- Term life insurance offers coverage over a specific period of your life, usually 20 or 30 years. The premiums are lower, but it does not build up over time.
- Whole life insurance provides permanent coverage that does not expire until your death. You pay higher premiums that build equity and have a cash value.
Knowing which type of life insurance policy is right for you depends on your budget, your circumstances, and your goals. Work with an agent at PTL Insurance Brokers, and we can walk you through your options and provide free estimates for your new life insurance policy. Contact us today!