Life Insurance

Just in case

Even if you’re the healthiest person alive, there’s always a chance something can happen.

It’s time to think about having a solid just-in-case plan so your loved ones are not stuck paying your tab. We'll find the best life insurance that will take care of those you leave behind.

 
 Woman scuba diving in coral reef.
 
 

What Is Life Insurance?

Put simply, life insurance is a contract between you and an insurance provider where you give them money over time, and if you were to die (knock on wood), they would give the set amount of money to whomever you choose.

 

What's the Benefit?

The most important benefit is that you won’t be leaving your loved ones with a giant pile of debt and expenses. Think about it. Not only would they have to grieve your death, they’d also have to figure out how they’re going to pay for everything (past, present and future).

 

Are there Different Kinds?

There are three types of life insurance, with a number of differences between them, but boiled down term, whole and universal plans do the same thing — they payout a set amount of money to someone when you die.

Term Life Insurance: This option is geared toward younger people because it’s more of a temporary plan that only covers you for a period of time, usually 10, 20 or 30 years. If you were to stop living within that timeframe, a set amount of money would go to the people/person you choose.

Whole Life Insurance:  It has the same concept as term, but this policy is forever (or until you die). It has a couple of key points:

  1. It has a savings account that accrues money. Eventually, it will hit the policy’s coverage amount. At that point, the insurer may just give you back your savings amount.
  2. You can borrow from the account, but there are caveats to doing so.

Universal Life Insurance: It’s a lot like the whole plan but with a few new interesting points:

  1. Unlike a standard savings account, this also accrues interest.
  2. You can kick in more money than your payment to earn more interest.
  3. You borrow from this account, but you can usually skip payments without a penalty.
 

Ok, but How Much is it?

Of course, that depends on the coverage and a number of other factors like age, occupation and even hobbies. Policies can be as low as $20 per month. In general, the younger and healthier you are, the cheaper your life insurance.

We know that's a lot to take in. Give us a call and we'll be glad to talk through your questions and concerns.