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Life insurance is a topic that many shy away from, for fear of what having to use the insurance plan would mean. Despite how daunting it can be, setting up a life insurance plan is a wonderful way to ensure that your loved ones are protected in the event that tragedy strikes. Whether you are young or old, setting up an insurance plan is a great idea, especially if you are married, own a home, or are expecting a baby. 

Is Life Insurance Worth It? 

Many individuals ask, “is life insurance really worth it?” and the answer is, most definitely. Life insurance will financially support your loved ones after a tragedy. This creates a sense of security and grants your family the ability to grieve without the stress of fighting to make payments.

What Does Life Insurance Cover?

Life insurance will protect your family in the event that you pass away. Though it is often overlooked, life insurance for young adults is a great idea. This will help you protect your family as you begin settling into a new home, purchasing new cars, getting married, and having children. You need to make sure that your family can comfortably maintain their way of living if you were to pass away. 

 

There are different types of insurance plans depending on what your needs are. For example, a single 25-year-old will most likely select a very different life insurance plan from a married, 64-year-old grandfather. 

 

Most life insurance plans can be customized to cover things such as

  • End-of-Life Expenses (funeral, burial, etc) 
  • Mortgage
  • Student Loans
  • Debt (personal loans, credit card bills, etc)
  • Daily Expenses (groceries, child care, etc)

Types of Life Insurance

Some individuals choose to use their life insurance as a way to build an inheritance for their children and grandchildren, or they build a life insurance retirement plan. You can customize and build your insurance plan to suit your specific needs. The best thing about life insurance is that your coverage is not one-size-fits-all, so you can ensure that you are confident with your coverage and gain peace of mind knowing that your family will be financially protected in the event of your passing. 

 

There are a few different types of insurance plans that individuals can customize to meet their needs. Those insurance types are: 

  • Whole Life: exists the full lifespan of the policyholder
  • Universal Life: flexible option, can choose where insurance applies
  • Mortgage Protection: assists with mortgage payments
  • Final Expense:  all-around coverage in the event of your death
  • Return of Premium: Best for young couples, low cost, and specific duration
  • Term Life: suitable for younger parents looking for good coverage at a low cost
    • Couples can also select a joint term life insurance plan so that each individual is protected in the event of either passing 

Now that you understand a bit more about life insurance, it’s time to build your perfect plan. Not sure where to start? Don’t stress, we’re here to help you! Let’s connect and see how we can help you get the peace of mind that you need.