How to Protect Your Family with Life Insurance

November 05, 2014

If talking about your inevitable death makes you squirm, you’re not alone. Millions of Americans say they know the importance of having a life insurance policy, but many avoid those uncomfortable conversations and postpone looking for this vital form of protection.

A comprehensive life insurance policy can give loved ones time to grieve without having to worry about the costs of a funeral and burial expenses. It can pay off accounts such as mortgages and loans, allowing family members to focus on the more important things. It can keep the family business afloat, or provide a stream of income to help loved ones while they get back on their feet.

If you died suddenly and unexpectedly, you would want your household to be able to carry on. The last thing you want to leave your family after your death is uncertainty about their future. You want to protect them with a life insurance policy that can be there for them long after you no longer can.

The type of life insurance you need depends on your goals. Whole life policies, a type of permanent insurance, combine life coverage with an investment fund. This form of policy pays a stated, unchanging amount on your death, and part of your premium goes toward building cash value from investments made by the insurance company. Universal life is a type of permanent insurance policy that combines term insurance with a money market-type investment that pays a market rate of return. To get a higher return, these policies generally don’t guarantee a certain rate. Term life insurance has no investment feature. This coverage lasts for a set period of time (term) provided you pay the monthly premium. Annual-renewable term is purchased year-by-year, and unlike the permanent types of life insurance you don’t usually have to qualify at each renewal with a medical exam.

Whatever your life insurance goals may be, knowledgeable, independent insurance agents at Brooks, Todd & McNeil are always available to answer your questions and help you identify your policy needs. We are able to locate you a number of quotes from a variety of providers, ensuring the policy you choose offers the best protection for your family at the most affordable rates. Contact us to find out how you can obtain the perfect life insurance policy for you and your family.