Many people have the misconception that life insurance is too expensive; however, that is simply not the case. Contact Friedrich Insurance at 717-866-2572 or visit our website to see how affordable it can be!
Imagine if something were to happen to you. How would your family manage? If you leave your family without the security of life insurance, they are forced to make extremely difficult and dramatic decisions and they must make them quickly. Would your significant other have to downsize the family home, pick up an extra job, or even have enough money on hand for your funeral? What about your children? Would they have to rethink a college education? Perhaps there would be a new need for daycare or after school care. These are all things that are hard to think about but require careful planning.
Life insurance provides the funds necessary for your beneficiaries to be able to maintain their lifestyle in the event of your death. The purchase of a life insurance policy creates an immediate estate. This is important for all of us but is especially important for young families. The moment your first premium is paid, the insured will have an estate of at least that amount of the policy. A life policy will pay out to your beneficiaries if you pass away during the policy period.
Life insurance is broken down into two major categories: term and whole. A term policy covers you for a set period. Some common terms can be 10, 20, or 30 years. At the end of the policy period, the policy simply expires. There is no cash value or investment component and no refund in premium. The positive side of this type of policy is it is typically the most budget-friendly option. You have a set premium for the entire term and the premium will never increase. A lot of younger families and newly married couples love this very affordable option.
Whole life insurance policies cover you for your whole life until the age of 100. These policies have a cash surrender value. This means the insurance company pays the policyholder if the policy is voluntarily canceled before the maturity date. The policyholder also has the option of being able to withdraw cash from the policy if needed. These types of policies are terrific for estate and tax planning needs. The major downside to this type of policy is they are typically more costly than a term policy.
Life insurance enables you to help your family and loved ones when you are no longer here to take care of them. It can be confusing deciding what policy best suits your needs, how much coverage is needed, what fits your budget, and term vs. whole policies.
Here at Friedrich Insurance, we will help you figure out what is best for you and your dependents’ needs. Call, email, or send us a message on Facebook today, and we can help you and your family have the peace of mind you deserve.
Your friends at Friedrich Insurance
Erin Friedrich Horning
erinhorning@friedrichinsurance.comcastbiz.net
717-866-2572
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