Life Insurance

Life insurance is a contractual agreement between a policyholder and a life insurance company. Policyholders agree to make premium payments to the company, and the company agrees to pay your beneficiaries a sum of money if you die. All life policies have a minimum of 4 parts:
  • A premium
  • A death benefit
  • A term period
  • A cash value

Life insurance is a way of providing income replacement for financial dependents (the beneficiaries) after the insured person dies. It is intended to replace lost income and pay for any additional expenses that are experienced by those left behind when a family member who contributes income or services to a household is lost. It can also be used for final expenses like medical bills or funeral costs that survivors would have to pay when a death occurs. Life insurance is an important part of financial planning for families and individuals.

Do You Need Life Insurance?

Any wage earner with financial dependents - a spouse, kids, etc. - should have life insurance to provide for his/her dependents in case of premature death. Non-wage earners who make significant contributions to the home, like child care and household management/maintenance, should also have life insurance in order to pay for those services should they pass away. Adults who may leave medical expenses or funeral costs should consider covering their final expenses so survivors will not be left with debts.

To find the life insurance policy that's right for you, contact us today!