Life Insurance can be one of the most sound financial planning tools. It can help provide for your loved ones financially in the event you are longer with them.
In the event of your passing, life insurance provides money directly to your beneficiaries. They can use the money for:
- Making up for your lost income
- Funding a child's education
- Paying off household debt
- Paying for your funeral and other related expenses
Term life insurance offers protection for your loved ones for a specified period of time
usually from one to 20 years. If you stop paying premiums, the insurance stops. Term policies pay benefits if you die during the period covered by the policy; but they do not build cash value.
Whole life insurance policies do not expire; they are intended to protect your loved ones permanently, as long as you pay your premiums. Some types of these policies accumulate cash value.
Contact Gateway Insurance Agency for all your insurance needs.