Life Insurance: A Helpful Guide on Who Needs It - Ryan Braden Insurance Agency

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4 weeks ago · by · Comments Off on Life Insurance: A Helpful Guide on Who Needs It

Life Insurance: A Helpful Guide on Who Needs It

Life Insurance can be an integral part of a family, offering peace of mind to a spouse and any dependents. Life is fragile, and during this pandemic, that phrase has never been truer. 

Even if you don’t have a family, life insurance could be right for you. You might be asking yourself is life insurance necessary? In this guide we’ll go over why it might be, and what you need to know about it. 

Types of Life Insurance

There are eleven different types of life insurance plans you can purchase. Here we’ll focus on the three most common ones.

Term Life Insurance

This type of insurance is basic and represents only death benefits. It’s very affordable, especially if you’re in good health and younger. These policies can range from five to thirty years, and even longer. 

Permanent Life Insurance

Permanent life insurance offers you both a death benefit and cash value. There is no limit on the length of this type of policy.

Whole Life Insurance 

This type of life insurance is the simplest type of permanent life insurance. The premium doesn’t change through the life of the policy. It’s great if you’re on a tight budget. Even as you get older, and your health declines, the premium stays the same.

You will get a cash value with this kind of policy as well. The cash value grows slowly at first but compounds a great deal over time. 

Who Needs It?

There are several different scenarios where life insurance can come in handy, and is even essential.

Perhaps you’re the breadwinner of the family? If that’s the case, you’ll want to invest in term life insurance to cover working years. Your family will be given a stipend as an income replacement to cover necessities. 

Maybe you’re a stay at home or divorced parent? As a stay at home parent you can get a stipend during the years your child needs to be taken care of.

As a divorced parent, you’ll be covered for child support payments. Term life can handle both of these.

If you have a child with special needs, you should also think about getting term life insurance. This way, the child will be covered no matter when you pass away.

Do you have a high net worth? Permanent life insurance can help your dependents or heirs pay the tax on any inheritance. 

Are you a business owner? Both term and permanent insurance are right for you. This will help pay off any debts on your business should you die. It will also help heirs pay off taxes on your business when they inherit the company.

Do you have life insurance through your job? You should still get your own, just in case you change jobs or lose it altogether. You’ll be covered if you purchased a policy on your own. Even if it’s a smaller package just to use as a backup, you’ll still be in good shape.

When to Buy Life Insurance?

Now you have a better understanding of when to buy life insurance. You know it’s not used just for a spouse or child when you die. There are several different types and uses for life insurance.

Click here to get started with a policy that best suits your needs.

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