Chances Are You Need Life Insurance

Chances Are You Need Life Insurance

Chances Are You Need Life Insurance

Life insurance is there when you no longer can be.

Life insurance is a very simple answer to a question that not many of us want to think about: How will my family manage financially when I pass away? It’s a subject that most tend to put in the back of their heads because it’s downright depressing. But if you have someone depends on you financially, it’s something you have to face. Be strong! If you are in need of life insurance, here is what you should know about life insurance to get you started in the right direction.

How Much Do You Need?

When considering the amount you need, it’s not possible to narrow it down the straw penny. The best you can do is make an educated guess, but, if you do it right, you should land very close to that sweet spot. You need to consider funeral costs, your mortgage, your children’s education (until they graduate college), and any other financial obligations you may have.

What Kind of Insurance Should You Purchase?

When it comes to insurance, they are usually separated into two different classes: Term life insurance and whole life insurance.

  • Term Life Insurance: It lasts for a certain term. Usually, policies go for 10, 15, or 20 years and only pay should your passing happen within this term. These also cost less than the whole life policy.
  • Whole Life Insurance Policy: This policy will last your entire life and accumulates a cash value once you hit retirement age, should you stay healthy and live a long life supplementing your retirement income.

Having the right life insurance policy can help to make sure you have the coverage you need to give your family less to worry about. Contact the experts at Employee Benefit Plans Inc. in Greenwood Village, Colorado for all of your insurance needs.