Life insurance helps secure your family’s financial future after the death of you and/or your spouse. It also helps ensure that the estate that you’ve worked your life to build will be allocated to the beneficiaries you have chosen.
When purchasing life insurance, consider the financial responsibilities that your family will immediately inherit such as a mortgage or car loan. In addition, you’ll want to consider long-term goals such as your spouse’s retirement or your children’s education. If you decide that you need more coverage, determine whether you need term life insurance or a cash value policy.
Term insurance generally has lower premiums in the early years, but does not build up a cash value you can access. Cash value policies come in the form of whole life, universal life or variable life insurance. It’s important to know which type of policy you own, and how the benefits are paid if something happens to you and/or your spouse.
Life insurance can sometimes be a difficult subject to discuss but it’s one of the most important legacies you can leave for your loved ones. If you’re unsure where to start or if you have questions with existing life insurance contact one of the professional and knowledgeable agents at the Cooper Insurance Group.
