Life Insurance

How Life Insurance Helps Your Family

Life insurance gives you the opportunity to help your family once you’ve passed away. When you purchase a policy, you name someone as your beneficiary. If the policy is active when you die, then the beneficiary receives a monetary benefit. This means your family will have access to money to help cover their expenses.

Does Everyone Need Life Insurance?
No, not everyone needs life insurance. If your family is wealthy enough to pay all of their expenses, then you possibly won’t need life insurance. But for most people life insurance is a wise investment. The money can help pay for your final expenses, your burial, and more. A business can even get life insurance on a key person whose death would cause financial strain.

The Basics
You have to get approved for a life insurance policy. It’s possible that if you have a serious illness, no insurer will issue you a policy. Or if they do, you’ll likely have a high premium. The same is true if you’re elderly or have a history of illness. In short, it’s easier to get an affordable policy when you’re young and healthy.

The insurer might also require a medical exam. They’ll use the exam to determine your level of health and mortality risk. If you’re approved, you’ll start paying a monthly premium to keep the policy active. If the policy is active when you die, then your beneficiary gets the benefit. But if you die while the policy is lapsed, then your beneficiary receives nothing.

Types of Coverage
The most common life insurance policies are whole life, term life, and universal life. Term life remains active for a set number of years. If you’re alive when the term expires, you’ll need to get a new policy. Whole life and universal life don’t expire, and remain active as long as you pay the premiums. These policies also accumulate cash value from which you can borrow before your death.

Life Insurance is a Gift from the Grave
Dealing with the stress and heartbreak of losing a loved one is tough. At least with life insurance, your family will have some comfort in knowing they’ll survive financially. The money won’t take away the pain, but it will make things less stressful for your loved ones.

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