Life Insurance

Why do I need life insurance?  For a lot of people, life insurance is a way to pay for what is often referred to as “final expense,” which is exactly what it sounds like—burial and funeral expenses.  However, life insurance can be used in other ways as well, including as income replacement, mortgage protection, or funding for college.  There are many different types of life insurance but the most common are Term Life and Whole Life. 

Term Life insurance provides coverage at a fixed rate for a certain period of time and on the death of the insured, it pays a face amount to the beneficiary.  For example, you may purchase $20,000 worth of life insurance for a 20 year fixed term.  After the 20 years, you may purchase additional life insurance for another term, but with different payments.  Keep in mind that, generally speaking, the younger you are the less expensive life insurance is and it’s usually easier to get.  Term Life insurance is also usually the least expensive way to purchase a substantial death benefit.


Whole life insurance provides coverage for the person’s whole life with premiums usually being paid every year.  There are several different types of whole life policies, including what is generally called “final expense” policies, which are usually smaller policies (a few thousand dollars) designed to pay for funeral expenses.  The most common whole life insurance choice is a traditional whole life policy, which gives you a guaranteed minimum rate of return on your cash value portion.

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