What You Should Know About Life Insurance
You work tirelessly to provide for your family. From washing the dishes to providing family holidays to working towards life goals, you are there for it all. When youâ€™re thinking about your familyâ€™s future, however, you should consider life insurance in Wellesley, MA. If youâ€™re in the market for life insurance, hereâ€™s what you should know about life insurance.
How does it work?
Life insurance is designed to support your family and loved ones when you are no longer around to do so. It provides a payment in the event of your death that helps to protect your familyâ€™s finances and lifestyle. From everyday expenses such as a mortgage and car payments to long-term goals like funding your childâ€™s college education and allowing your spouse to retire on time, life insurance can help support your familyâ€™s finances.
What types of life insurance coverage are available?
Typically, life insurance policies fall into two categories: term and permanent. Term life insurance is set for a specific period of time, such as 5, 10, 30 years. If you were to die within this term, the policy would pay out. If you survive the term, you would have to renew it for coverage. This is ideal for families that want to help with specific expenses, such as a 30-year mortgage. Permanent insurance, however, covers you for your entire life (as long as premiums are paid). Permanent coverage also includes an investment component, meaning you can borrow against your policy when finances are needed.
When should I get life insurance?
The right time to buy life insurance is the time at which it would benefit you! Most people take out life insurance when a major event happens, such as they get married, buy a home, have a baby, or take on a new job with a higher income. However, even if you have no dependents, you can still take out life insurance. Coverage can help to pay for remaining debt and funeral costs when you die, meaning that you donâ€™t leave loved ones in the lurch. Talk to your insurer to determine if a life insurance could help your future finances and family.
Not sure how to get started? Talk to the Massachusetts life insurance experts at CAV Insurance Agency are well-versed in suiting the right policies to each individual. Give us a call today on 781-237-4107 to learn how life insurance can help you.