If you are worried about how your loved ones will replace your income when you pass away, life insurance could be an excellent option for you. These plans provide a large payment to your beneficiaries when you pass away, ensuring that they have the funds to continue living a comfortable life.
If you haven’t considered life insurance before, it helps to know what these policies can offer. Continue reading to learn what life insurance benefits look like.
Life insurance is a product that involves a contract between an insurance company and an individual. The contract states that the insurance company will provide a death benefit payment to the policyholder’s beneficiaries. If the policyholder has not paid the premiums and the plan is canceled, there will be no death benefit payment.
Beneficiaries are people who are designated to receive the death benefit when the insured person passes away. You can choose anyone to be your beneficiary, and you can even give the death benefit to a charity, trust, or business. Most people choose one of their loved ones to be a beneficiary. This includes significant others, children, and parents. To get help choosing your beneficiaries, call us today. You can reach one of our team members at 904-217-8368.
There are primarily two types of life insurance: permanent life insurance and term life insurance. Permanent life insurance lasts for the entire span of someone’s life, while term life insurance only covers the insured for a set period of time. Which one is appropriate for you depends on your age and situation. Many people choose to purchase permanent life insurance while they are young because this is the cheapest option. We offer universal life options as well.
Life insurance is great for people who do not have the assets needed to allow their family to replace their income if they pass away. By purchasing a life insurance policy, you grant yourself peace of mind knowing that your loved ones will be protected financially if you pass away.
Life insurance may not always make sense if you are older and more financially secure. It is still an excellent idea to protect your legacy with life insurance in most cases.
If you need life insurance, contact one of our licensed brokers about finding a plan! The experts at Duncan Market Insurance can help you with the search.