Life insurance can provide for the people who depend on you financially, if you can't be there for them. It can also give you an option to build cash value which you can borrow against. At GLM, we can assist you in finding a policy to get the peace of mind which comes from knowing your loved ones are protected.
Why do I need Life Insurance?
To Replace Income
Though it may be difficult to consider, we need life insurance to provide financial support should we die. The living expenses will continue to be there, along with debts and future educational expenses for kids.
Supplement Retirement Income
If you and your spouse depend on Social Security or a pension it may be reduced when one of you die. This means you have substantially less income to cover the funeral cost and future living expense. Your life insurance can replace the missing income.
Major Life Change
At some point in our lives we get married, purchase a home, have kids, and climb the corporate ladder. All of these have an effect on our insurance needs. Even if we are not the bread winner in our family, the loss of a spouse could put a burden on the surviving spouse. Having the proper coverage may not ease the pain but it can lessen the headache.
How Much Insurance Do I Need?
To determine how much life insurance to purchase you will need to look at many different factors:
- Your Age
- Your Income
- Marital Status
- Dependents and their future educational expenses
- Current Living expenses and debts
How much life insurance to purchase can be a tough task to figure out alone and we can work with you to make sure you have the coverage that fits your unique situation.
Types of Life Insurance
There are two types of life insurance policies, Term and Permanent.
An affordable coverage set for a predetermined time period, usually 10 to 30 years. Some term policies are convertible to Permanent Life. If you are on a budget term insurance can be an attractive option. Some of the benefits include guaranteed coverage for a specific amount of time as long as you make your premium payments on time and level premiums that are guaranteed not to change.
These policies offer a lifelong protection. They are a more flexible option that can build equity and may have a cash value. There are different options so you can find the guarantee, cash value, and flexibility to fit your needs.
Whole Life - A permanent life policy which offers cash value growth and a guaranteed death benefit. The premiums are typically the same and are guaranteed for the life of the policy. The owner of the policy may be able to borrow against the equity (cash value).
Universal Life - This type of permanent life offers the flexibility to make changes to the policy such as the payments, premiums and death benefits. Some policies may accumulate equity at a variable interest rate.
Are you properly covered?
A combination of both types of life insurance can help you meet both immediate needs and long-term goals. Contact us and we can help you decide what coverage may be best for you.