Life Insurance doesn’t have to be a hassle
Whether you’re married, own a home, have children, or all of the above, one thing that needs to be in place for anyone in these situations is life insurance. We’ve all heard the commercials on TV and radio about how “pennies on the dollar” can protect your family, and the reality is — it’s true.
Life insurance is the single, lowest cost way to protect the people who depend on you day in and day out financially. If you have a house/mortgage, children, or a spouse, having life insurance is a no-brainer.
Unfortunately, finding the right coverage from the right company can be a challenge. There are numerous life insurance companies out there, all advertising that they have the best price and coverage — so who can you trust?
At GLM, we are experts in life insurance and have access to a wide range of the top life insurance companies in the country and Virginia. We will do the heavy lifting for you so you can alway sleep at night, knowing you and your family are fully protected against a worst-case scenario of an untimely death.
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.
You may be asking yourself, “what are my options?” so let’s quickly review that now.
Term Life Insurance
Term life insurance is the lowest cost, easiest type of life insurance to obtain in our opinion. With term insurance, you are insured for a certain “term” or time limit. In most cases this will be 10, 20, or 30 years depending on your unique needs.
Term insurance is the lowest cost option because you are essentially just “renting” the policy for the term limit. There is no cash value that builds up — you are only renting a death benefit payout in the event you pass away prematurely.
Whole Life Insurance
Whole life insurance works similarly to Term insurance, but there is a cash value component to the policy that allows you to build up cash value that can be used for several different things.
Whole life policies are not rented, but owned by the policy holder and can actually be sold later down the road, or cashed out.
Whole life insurance also comes in other ways like Universal or Variable premium policies. If this sounds confusing, GLM will explain your options in detail in terms you can understand.
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