Life insurance varies with your family responsibilities and age. Life insurance can be an important part of financial planning, and there are many reasons why purchasing life insurance is important. If you need to replace the income lost with a death, you will want to consider life insurance. Life insurance can allow your dependents to protect your assets instead of selling them to pay outstanding bills. Consider medical expenses before death and estate taxes and burial costs. Also, consider monthly bills, including college tuition, retirement, and daycare costs, when determining if life insurance makes sense for you. An agent at Carrie Polk Insurance Inc. can help you determine the right amount of life insurance for you and your family.
Not every life insurance policy is the same. Some policies give coverage for your lifetime, and other policies only cover a specific number of years. Some policies don’t give you any cash value, while others do. Some policies even combine different kinds of insurance, and others will let you change coverage midway through your policy. Some policies give you benefits while you are still living. There are two basic types of policies. These are permanent life insurance and term life insurance. You may be able to renew the policy even if your health has changed at the end of the term.
With term life insurance, you are covered for a certain time period. You will get the death benefit only if you die during that term. These policies don’t build any cash value. Permanent insurance gives you long-term financial protection and includes a death benefit, and many policies include a cash benefit. Permanent life insurance policies include variable universal life, whole life, and universal life policies.
Contact Carrie Polk Insurance Inc. in Waldorf and Prince Frederick, MD to get a quote on life insurance.