Life insurance offers financial security for your family after your death. The payout can help with funeral expenses, mortgage payments, everyday bills, children's education, and outstanding debts. There are two main types: term life insurance, which provides coverage for a specific period (e.g., 10-30 years) and is typically more budget-friendly, and permanent life insurance, which offers lifelong coverage and often includes a growing cash value. To obtain coverage, you select a policy with a desired death benefit and pay regular premiums. Upon your death, your beneficiaries file a claim, and the insurance company pays the death benefit. Life insurance is particularly important if you have dependents, a mortgage, significant debt, or wish to leave an inheritance. It is an important piece of your estate planning and making sure that your family will be financially sound in the event of your passing. We always say that the absolute last thing anyone would want to deal with when losing a loved one would be financial hardship. It is a devastating time, but having life insurance in place can alleviate the financial hardship portion that can be placed on the surviving family.
