Traditionally, life insurance has always been defined as a tool to provide a lump sum amount to the heirs and relatives of a deceased person to cover the financial loss caused by death. However, life insurance has taken a broader meaning over the years and now includes a variety of insurance, savings and investment products that provide death and living benefits alike and are tailored to suit customers’ financial needs and requirements.
Life insurance can be counted as an important marker in one’s life in terms of securing a family’s financial footing. It can bring colossal benefits for loved ones, such as:
- The funds reimbursed can help serve many living expenses for the family, such as mortgage payments and medical benefits.
- The lump sum amount can also be invested in higher education or to invest in new ventures so as to provide for future prospects.
- Life insurance has long-lasting implications for dependents, allowing them to plan and continue onwards with a healthy lifestyle.
- Life insurance benefits help assure that the dependents of the breadwinner do not suffer from hurdles like credit card debt or car loans.
- The financial security offered by life insurance can be used to plan a hassle-free retirement.
Some insurance policies and packages offer life insurance for a spouse for added security after the demise of the breadwinner. Life insurance helps to protect spouse and children by providing financial security.
Whole Life Insurance and Term Life Insurance
These life insurance products provide a fixed death benefit in exchange for a fixed premium. The major difference is that whole life insurance products are usually designed to cover a person for his entire lifetime (capped at age 120 in most cases) while term life insurance provides coverage for a fixed number of years selected by the customer.
Many variants of whole life insurance have been designed over the years and they include features such as payments for a limited number of years while enjoying coverage for life, options to increase the coverage amount and several other features and options that help to keep the insurance alive for a customer’s entire life.
Even if you’re no longer here, you have the ability to provide your family with financial protection for years to come. Ask your independent agent how you can get started today.
Protect your family’s financial future. Call Guardian Insurance for more information on life insurance.
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