Life Insurance

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It doesn’t matter whether you’re wealthy or not – the fact is everyone needs life insurance. Life insurance is money that’s paid out to a beneficiary after an individual dies or after a set period of time.

This money can be critical in helping families pay for:

•    Funeral expenses
•    Existing bills
•    College tuition
•    Childcare
•    An inheritance

Life insurance may also assist people in replacing lost income incurred by the death of a loved one. This may be especially critical if the spouse left behind does not work full-time or does not have a job at all.

5 life-changing events that indicate it’s time for you to buy life insurance:

•    Getting married
•    Having kids
•    Buying a house
•    Starting your own business
•    Becoming a caretaker for aging parents

How much life insurance should you have? Ten times your salary? Maybe more? The best thing to do is meet with your insurance agent. There are a variety of factors to consider when purchasing life insurance including individual needs, whether you’re married or married with children, cost of premiums and the value of the policy.

Cash Value versus Term Life

According to LifeInsured.org, term life policy “expires after a set number of years. Common lengths are 10, 20 and 30 years,” where a cash value (also called whole life) policy “can accumulate cash value over time, may never expire and can provide lifelong benefits.”

Cash value policies are more expensive but may build up over time, thus providing some potential benefits in the long run that term policies don’t. On the other hand, term life policies are less expensive, so if the monthly cost of a life insurance policy is a factor, a term policy is still an excellent choice.

Perhaps the most important reason to buy life insurance is for the peace of mind it will give you because no one knows what tomorrow will bring.

You can protect your family and your loved ones by purchasing life insurance and M&M Insurance can help! Call today to set up your appointment, 402.932-2910.

HELPFUL LINKS
lifeinsured.org