BEST Life Insurance for Family (Easy to Apply)
BEST Life Insurance for Family (Easy to Apply)
Your family is important to you. You want to do everything you can to protect their future.
Proper planning with a life insurance agent can help you and your family avoid financial issues after the death of a family member.
Whether you just got married, divorced, started a family or purchased a home, consider your individual circumstances and the standard of living you wish to maintain for those who may depend on you.
Discussing the “what-if’s” is always difficult – especially when family is involved.
If something happened to you, the questions to ask yourself…
- Would bills still be able to be paid every month?
- Would my family be able to keep the house?
- Would there be enough money for childcare?
- Would there be enough money to pay for a funeral?
- Will my spouse be able to retire?
- Will my children be able to attend college?
- Will my spouse have a comfortable life with my children when I am gone?
If the answer to any of those questions is no, then you need to consider a life insurance policy.
How much Family life insurance do you need?
The answer to this question will depend on what you are trying to accomplish.
Whether your objective is for your debts to be paid off, your spouse to have a source of replacement income, your child’s education to be funded or your business partner to be able to carry on your business, the amount of life insurance you select will vary.
It is very important that as your life changes you also update your life insurance plan.
Best Family Life Insurance Options
Individual life insurance coverage generally falls into one of two categories: term or permanent.
Best Family Life Insurance: Term Life Insurance
Term life insurance protects you for a specified period of time – ranging from one to 30 years – and pays a death benefit only if you die during that specified term of the policy. That’s why it’s commonly referred to as “temporary” life insurance.
Over the short run, term insurance generally provides the greatest amount of protection for the least amount of premium.
It can be a cost-effective choice if you face growing responsibilities on a limited budget, if you expect your financial responsibilities to decrease after a limited period or if you simply want to free your funds for other uses.
One of the drawbacks of traditional term life insurance is that you pay premiums for a financial benefit that may never be used.
An exception to this rule is a return of premium term policy.
With these nontraditional policies, the initial premiums are higher than that of traditional term policies.
However, the premium payments you pay during the guaranteed term period are returned to you, which may or may not include rider or substandard premiums.
Consider term life insurance when you:
- have a temporary need
- need a large amount of insurance protection but have a limited budget
- have a specific business need such as key-employee, executive benefits or business continuation
Best Family Life Insurance: Permanent Life Insurance
Permanent life insurance, which includes whole life and universal life, is an appropriate way to meet long-term needs.
Over time, it may be the least expensive form of life insurance since premiums are fixed and the policy accumulates cash value on a tax-deferred basis.
Whole life insurance provides continuous protection, generally up to age 100, as long as premiums are paid when due.
Whole life is designed to have a level premium for the duration of the policy and provides a guaranteed death benefit.
Whole life builds cash value that can be used during the insured’s lifetime to help meet “living” needs such as college expenses, buying a home, emergency funds or retirement funds.
Premiums must generally be paid as long as the policy is in force.
Universal life insurance is similar to whole life insurance because it provides continuous protection and cash value build up.
It also provides the advantage of premium and death-benefit flexibility that allows the policy to keep pace with changing life circumstances.
You can select a level or increasing death benefit.
Universal life differs from whole life in that its cash value earns a current interest rate that is sensitive to current economic conditions.
In addition, premiums paid are credited to the policy surrender value from which the cost of insurance is deducted monthly.
As long as the policy has sufficient cash value to cover the monthly cost of insurance, the policy will remain in force even if you miss a premium payment.
Consider permanent life insurance when you:
- have a long-term need
- like flexibility on death benefits and premium payments
- want a policy that accumulates a tax-deferred cash value
Mintco Financial Life Insurance for Family
Our professional staff has the experience and the knowledge to review and identify your specific needs.
We will evaluate your life insurance options and recommend a policy that best suits the needs of you, your family or your business.
Call us at 813-964-7100 or 716-565-1300
Email us info@mintcofinancial.com
Get a free Family Life Insurance at www.MintcoFinancial.com