When someone dies, their loved ones often need to find a way to replace their income. Life insurance can make the death of a family member or friend easier to deal with. With a life insurance policy, you won’t have to worry about your family struggling after you pass away. Here’s how life insurance can work for you.
Life Insurance Protects Your Family
If you pass away without life insurance or significant assets, your family will be left to pay for your funeral and any lingering health care expenses on their own. With life insurance, you can protect them from this struggle. Policies can provide your family with thousands of dollars, or potentially even a million. While we know it won’t ever replace you, it would go a long way to make their lives easier after you pass.
You Have Options
You can structure your life insurance policy however you like. Some plans offer low premiums with small benefits, while others have more substantial benefits with higher premiums. You can even include riders in your policy to account for special circumstances. For example, many life insurance plans offer you the option to enroll in a waiver of premium rider. This type of rider allows you to maintain your coverage without paying premiums if you become disabled or lose your income due to an illness or injury before you reach a specified age.
Life Insurance Is Affordable
Life insurance doesn’t have to be expensive. You can find life insurance policies in many different cost ranges, meaning you don’t have to live without coverage. For people who have struggled to qualify for life insurance in the past, final expense insurance is an option you may be interested in. With final expense insurance, you are far more likely to qualify, and the rates are often not as high as traditional life insurance policies. You can also select term-life insurance plans, which have lower costs than permanent life insurance.
Term-life vs Whole Life
Term-life insurance plans protect you for a certain amount of time, while whole life insurance covers you for as long as you pay your premiums. Term-life policies often cover their beneficiaries for 10, 15, or 20 years. Once the plan expires, you will have to purchase a new policy from your insurer of choice.
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