While purchasing life insurance is a financially savvy move, it is also an emotional one. It’s a complex subject to contemplate, but you understand how critical it is to take action now to safeguard your family’s financial future in an unforeseen event. Permanent, term, and permanent life insurance are the most frequent forms, and here we look at what they include.
Permanent insurance usually consists of cash value buildup and death benefits. A permanent policy is intended to be kept throughout one’s life. Permanent life insurance rates are slightly more than term life insurance premiums, but you receive cash value on your premium dollars and get life coverage. A term life insurance policy pays a set sum (often referred to as a death benefit) if the insured dies during the stipulated time.
Life Insurance Can Benefit You In Numerous Ways
When your family relies on your salary to cover basic costs such as monthly bills, including daily expenses, life insurance can assist replace your income in the event of your death. Additionally, the death benefit can be used to pay off obligations such as a mortgage, vehicle loan, or credit card – alleviating some of the economic burdens. It can also:
- Pay for your child’s college
- Keep your business in the family
- Help leave a charitable legacy
- Help supplement retirement income
- Support your living needs
Life insurance is critical to your overall financial security. Living costs for your family may rapidly accumulate, whether it’s spending for a funeral, keeping up with the monthly mortgage, or just maintaining life expenses. You can rest easy knowing that your family is secured with life insurance. For further information about our services and the many forms of insurance, we offer, please contact Provincial Funeral Insurance.
