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Life Insurance
We don’t like to consider the possibilities, but life insurance may indeed be one of the single most important investments you will ever make. In the event of a tragedy, life insurance can be what funds your children’s future, helps your spouse pay the bills or protect retirement plans, and allows your family to finance the life they are accustomed to.
There are two general types of life insurance:
Term Life Insurance
This is designed to serve a temporary need. Term life insurance provides coverage for a specified period of time and pays a benefit only if you die during that specified time period. This type of insurance is ideal for someone who is young and in good health and needs coverage only until financial circumstances have improved. For example, you may choose to carry term life insurance until your mortgage is paid off or until your children graduate from college.
Permanent Life Insurance
On the other hand, permanent life insurance provides coverage for a lifetime. Provided the premium has been paid and no withdrawals have been made against the policy, the policy accumulates cash value and the full face value will be paid in the event of the policyholder’s death.
Contact The Vining Group, and let us help you determine the best type of life insurance coverage for your unique situation and financial goals.
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