Did you know that nearly 1,600 Americans are estimated to die from cancer each day? Did you also know that there are 14 unintentional-injury deaths every hour?
If any of these situations happened to you, could your family afford to pay up to $16,000 for your funeral, make the mortgage payments, pay college tuition, or pay monthly bills with the loss of your income? What if you become injured and can’t work? Could your family afford the bills without your income?
These are just a few of the many reasons why buying life insurance is a smart financial decision so your loved ones will be able to survive financially after you are gone. At Everett & Associates, we can provide you with a policy that meets your exact needs. In fact, our life insurance coverage is portable, meaning if you change jobs or move, your coverage stays with you.
We offer two basic types of life insurance: whole life and term life.
A whole life policy is a type of permanent policy that lasts for the entire life of the insured, as long as they keep up with the premium payments. As all life insurance policies do, they will provide what is known as a death benefit or payout when the insured passes away. This payout will go to the insured’s chosen beneficiaries, and they can use it towards paying funeral costs, medical debt, bills, and much more.
Whole life policies also include a cash value, which builds up over time and can only be accessed by the policyholder.
Term life insurance operates in a similar fashion as whole life insurance. However, there are key differences that can make a big difference in which policy may be right for you. For example, term life is not a permanent policy, meaning after a specific amount of time has passed (generally 10-30 years), the term life policy will end.
If you, the insured, do not pass away within the timeframe of the term life policy, your beneficiaries will not receive a payout. You will then either need to renew your policy or let it end and convert it to a permanent policy, such as whole life.
Term life policies also do not provide a cash value as they are temporary forms of coverage, rather than permanent.
Let our team of local and experienced agents help you decide which life insurance policy will work for you best.