For many people, September brings thoughts of football games, pumpkin-flavored treats, and falling leaves. What you might not realize, though, is that it’s also Life Insurance Awareness Month. Now is an excellent time to consider your needs and revisit your existing policy if you have one. To get started and make the most of this holiday, consult the guide below.  

Why Is Having Life Insurance Important?

At its core, life insurance offers your loved ones financial assistance if you pass unexpectedly. While evaluating the different plans, you’ll have the opportunity to figure out how much coverage you need and identify who the policy recipients should be.

The value determined at the time of the policy selection will be paid out to the designated beneficiaries if you pass during the covered term. This payout will cover any expenses associated with your passing, such as the funeral costs, outstanding debts, estate taxes, and loss of income. 

Types of Life Insurance

Term and permanent are the two most popular types of life insurance. With the former, the policy will only cover the designated beneficiaries until you reach a predetermined age. Once you hit this age, you have the option to purchase the policy for extended coverage. 

Conversely, permanent insurance doesn’t restrict coverage based on time or age. It also accumulates value over time. If you need to, you can borrow against that value to pay an unexpected medical bill, your child’s college tuition, or any other expense. Due to their flexibility, permanent policies tend to have higher premiums.

If you want to celebrate Life Insurance Awareness Month with a new policy, turn to Nicole Gumm Groseclose Insurance Solutions. For over 17 years, Nicole has provided residents throughout Covington, Clifton Forge, Bath, Fincastle, Roanoke, Lexington, and Waynesboro, VA, with top-quality guidance and coverage options. Visit her website to learn more about her services, or call (540) 968-1569 to request a quote.