My Insurance Guide

Life is filled with uncertainties that cannot be controlled, no matter how hard we try. Tragic accidents, terminal illness, and natural causes claim the lives of our loved ones every day. Most families depend on the income of one or both parents to survive, so the death of a parent can spell economic disaster for a family. Life insurance is an important investment that parents can make that will pay countless dividends to their children when they are gone.

Why Insurance Is So Important

The troubling thought of never seeing one’s family again is heart wrenching and almost inconceivable. However, parents must undergo the difficult, yet vital, process of securing financial resources for their spouses and children when they are dearly departed. Even when finances are tight, Life Insurance is not something families can skimp on or get rid of when they consider the possibility of not having money set aside for their loved ones in the event of their death.

When parents obtain quality insurance for their families, they receive a number of benefits. Most importantly, they receive the satisfaction of knowing they are providing for their loved ones and not leaving them in a lurch when they are no longer around to meet their financial needs.  In addition, the spouse and children left behind do not have to be concerned about having some money to live on in the midst of pain and loss.

Types Of Life Insurance

Families can choose from two main types of life insurance-term or permanent insurance options. Term Life Insurance covers a designated time, which is usually available in ten, fifteen, twenty, or thirty-year options. If the policyholder lives past the chosen policy length, then the family does not get the benefits. Permanent insurance, on the other hand, is a more costly policy that provides death benefits no matter how long one lives and keeps the premium amount the same over the course of the holder’s lifetime.

These two popular options each have their own advantages for interested families to consider.  Many families like term insurance because it is more economical than permanent benefits. Permanent insurance costs more, but gives families’ added peace of mind to know they can pay the same premium over the course of a lifetime and receive death benefits for as long as they live.

The benefits of Life Insurance for families go beyond policy options and monetary considerations. Parents pass along an eternal love note to their spouse and children that says, “I love you and want to take care of you” when they pass away. The benefit of investing money now that will benefit them later is a sacrificial gift that keeps on giving.

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