There are numerous benefits that life insurance can provide to policyholders – as well as to an insured’s loved ones and survivors. Life insurance is also a key part of a person’s overall financial plan. Life insurance can protect one’s family, one’s assets, and the overall lifestyle of the people you love the most.
In the event that a person dies, life insurance coverage can provide benefits such as paying for a funeral and other final expenses. But the policy proceeds can do so much more, such as pay off the balance of a mortgage, make up for a breadwinner’s lost income, or fund a child or a grandchild’s future higher education costs. Overall, the proceeds from a good solid life insurance policy can help you keep your promises.
When you are considering the purchase of a life insurance policy, the amount of coverage – or death benefit – is important, as is the budget for premium expense. So, for those who are seeking a low-cost life insurance option, it may seem that a lower premium term life insurance policy could be a good alternative. If you are looking to purchase life insurance for your parents, AICPA life insurance policies or FEGLI we can help you with those well!Continue Reading