You’ve worked hard to get where you are today. You’re successful in your career. You own a lovely home and are involved in a terrific community. And your family means the world to you. Congratulations! You’re living The American Dream! But have you taken steps to make sure that dream doesn’t become a nightmare for those you love if something unfortunate happens to you or your spouse?
Yes, we mean life insurance—something many people hate to think about, but something that’s critically important for anybody who has someone depend on them financially. In the event of tragedy, life insurance proceeds can do many things, from covering funeral costs and ongoing living expenses to paying off outstanding debt, including credit cards and the mortgage, and even financing your children’s education.
There are a number of types of life insurance, but they generally fall into one of two categories:
- term life insurance - most affordable type of insurance when initially purchased. It provides coverage for a specified period of time (the “term”) and generally pays a benefit only if the insured dies during that term.
- permanent life insurance - provides life-long protection. Permanent life insurance is an effective way to help protect your family's lifestyle and future. Plus the cash value in a whole life insurance policy can be accessed via policy loans and partial surrenders can be used to help you supplement your retirement income. This cash value can also be accessed and used for other major life events and can play an important part in estate, business succession, or charitable giving plans.*
It’s probably safe to say that everyone who has someone else who depends on them for financial support should own life insurance of some kind. Of course, that means married couples and parents, but it also includes single people who might, for instance, provide care and support for an aging parent. It is generally much more cost effective to purchase permanent life insurance when you are young and rates are lowest.
At C. Pina Insurance, we’ve found that it makes sense to think about purchasing life insurance when something changes in your life—you get married, you have a child, you take out a (bigger) mortgage or get a sizeable raise at work. And we’re happy to meet with you during these life changes or, for that matter, at any time, to help you determine your needs and explore what option might be best for you. Often times, a combination of term, and permanent is most appropriate for different life stages.
The professionals at C. Pina Insurance are well versed in all aspects of life insurance and we’re ready to help you research options and weigh the pros and cons of each. As a local independent insurance agency, we have access to many insurance companies and can work with these top-rated firms to find and tailor a life insurance policy that’s just right for you. Contact one of our advisor partners for a no obligation life insurance consultation.
