Your family depends on you in so many ways. As such, should you suffer a life-ending accident or succumb to a sudden medical condition, they might not only be emotionally lost but financially insecure. Funeral expenses alone can amount to more than $7,000. To protect your family against debt and help secure your children’s future, consider getting a life insurance policy. The following guide discusses two of your options.

Whole Life Insurance

This permanent policy remains in effect for as long as you continue to make your payments. It also grows in cash value on a tax-deferred basis. Most companies allow you to borrow against this amount even while you are still living—since the money will ultimately belong to your family anyway.

Young, healthy individuals can benefit from signing up for one of these policies early—since the premiums are locked in from the start of the contract.

This will allow you to leave your heirs an inheritance to help them regain their footing after your passing.

Term Life Insurance

Term life insurance policies are less expensive but only apply to a specific term—usually up to 30 years. Once the term ends, your insurance expires.

This option is ideal for those who have a specific goal in mind they want their families to reach. For example, it can ensure that your spouse has enough to cover child care costs—or that your children have enough money for college—should anything unfortunate happen before your kids turn 18. You could also time the length of your policy to correspond to your last mortgage payment. 

Still not sure whether whole or term life insurance is right for your needs? Contact the team at Mid-Alliance Insurance Associates in Lincoln, NE. Their expertly trained agents understand that everyone’s priorities are different and will work with you to find a policy to help your family reach their goals. Visit their website to learn more about their products or contact them at (402) 421-7800 to set up an appointment.