Perhaps the clearest benefit to having an Individual Life Insurance policy is the peace of mind you’ll have knowing that your loved ones will be cared for financially in the event of your death. Purchasing life insurance should be the most important part of your financial planning if you have dependents.
Having life insurance allows you to plan for and meet your financial obligations for a specific period of time. For example, the number of years left on a home mortgage or business loan, or until your children are through college and are self-supporting. Term life insurance is an affordable way to protect your family’s financial future. You can purchase the amount of protection specific to your financial needs and circumstances.
Life insurance is not just a way to help support any current expenses your family may have in the event of your death, but also ongoing expenses. Your designated beneficiaries can use the proceeds from your life insurance policy to pay immediate expenses such as funeral costs, medical bills, final estate settlement costs, taxes, legal fees, and more. The proceeds from your policy can also help your family with future financial obligations as well though, including living expenses, college tuition, a retirement fund, and/ or business sustainability.
In order to understand more about life insurance, how it will benefit you, and what you can expect with your policy, it’s important to talk to an insurance agent. You want to make sure that you buy enough life insurance to meet your needs, and it’s generally more affordable to purchase life insurance when you are healthy, and younger than 50. Most of all, it’s important to be honest on your policy application. This is because if you don’t admit to a habit, behavior, or health risk on your application, your dependents might not receive the money after you pass away.
At Byrnes Agency, we can help you decide the type of Life policy that suits your needs. Our life insurance specialists can help you find the right type of policy so you don’t buy more or less coverage than you and your family really need. Please contact us today at one of our various locations throughout Connecticut to learn more.