Life insurance is the most effective way to ensure your family is financially secure when you pass away. Without life insurance, your loved ones may face financial trouble, be unable to access funds, or be left without the support of a breadwinner.
Life insurance policies are available in two basic types: term and whole life. Term insurance is very affordable but does not build equity. It provides insurance for a certain period of time or a specified “term” of years. Whole life insurance, often called “permanent” or “universal” insurance, guarantees an eventual payout. Whole life policies have higher premiums but have the advantage of accumulating value over time.
Protecting Your Family With Life Insurance
Your financial planning should include putting a life insurance policy in place. If a person passes away suddenly or due to a health condition, those left behind may suffer severe financial stress. Rather than leaving your loved ones in this situation, life insurance pays out a death benefit that allows them to pay for what they need. You may have an estate to pass on to those you love, but it can take time for probate to be completed. A life insurance death benefit is paid quickly and is not subject to taxation.
Final Expense Life Insurance
Insurance policies can cover end-of-life costs, which can be a significant financial burden. These insurance policies cover the costs of a funeral, memorial, burial, cremation, caskets, or urns. In addition, some policies cover the cost of medical bills incurred by the deceased before death. The premiums for this type of insurance vary in price, based on the death benefit, age, and the insured’s health.
A fixed annuity pays out a fixed amount of money (also known as a lump sum), which can stabilize income no matter the ups and downs of the market. Based on the plan, when the owner of a fixed annuity passes away, the remaining funds may pass to the insurance company or a beneficiary. Some fixed annuities are designed to provide income to beneficiaries and a death benefit. If you want to ensure your loved ones have the financial support they need when you are gone, ensure you have a fixed annuity with a death benefit. The insurance company may also offer you the option to increase the value of the death benefit.
A mortgage payment is typically the largest monthly expense for an individual or family. Ensuring the mortgage payments are current is critical. Mortgage protection insurance makes it possible for your home mortgage to be paid if you suddenly die before the term of the mortgage has ended. You pay a monthly premium for this insurance that guarantees that if you suddenly die a lump sum is paid to your home mortgage provider.
Ruiz Insurance offers free, comparative quotes on Individual Life Insurance from multiple insurance carriers so you can get the best possible rate.
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