Life insurance is one of the most important investments you can make, ensuring your family members and others who depend on you will be taken care of after you’re gone. While the insurance industry is complex, considering a few key factors can simplify the decision-making process as you consider various policies.

What You Need to Know About Life Insurance

1. Everyone Needs It

Many people assume only the elderly need life insurance. However, if you have anyone who depends on you for financial support, especially a spouse or children, having coverage can relieve the financial pressure of your loss. Even those without dependents should carry enough to cover burial costs so your family doesn’t have to shoulder the burden.

2. There Are Two Types of Life Insurance

Companies offer two primary types of life insurance: term and permanent. Term life insurance will pay benefits if the insured person passes away within a specific period, usually 10, 20, or 30 years, after which the policy expires or is renewed. Permanent life insurance, on the other hand, never expires, with most policies including some type of savings or investment opportunity.

3. Life Insurance Is Affordable

When shopping for life insurance quotes, you may be surprised at how affordable this valuable coverage can be. For instance, healthy individuals in their 30s can often obtain a million-dollar term life insurance policy for as little as $500 per year, a relatively small sum for the peace of mind that comes from knowing your loved ones are taken care of.

For over a decade, the experts at Family Financial Partners have helped Lexington, KY, families organize their finances, make wise investments, and plan for the future. Visit their website to learn more about their life insurance and financial education services, follow their Twitter for more insight, or call (859) 219-1006 to make an appointment with a member of their team.

Death benefit payments are based upon the claims-paying ability of the issuing insurance company.