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Health and Life Insurance

Life insurance provides a very important level of protection, but it can often be overlooked. If you were to pass, would your family be protected financially? Would they be able to pay off the debts you left behind, take care of funeral and burial costs and get by until they can pick up the pieces?

 

Life insurance is a contract between an insurance company and a policyholder, where the policyholder pays a premium in exchange for the insurance company paying a sum of money to named beneficiaries when the policyholder dies. The purpose of life insurance is to provide financial security for loved ones after the policyholder's death. 

There are several types of life insurance policies, but the two basic categories are term life and whole life:

  • Term life

    Provides a death benefit for a set period of time, usually between 10 and 20 years. Term life insurance is more affordable than permanent life insurance.

  • Whole life

    Accumulates cash value as premiums are paid, which can be accessed for various financial needs. 

Beneficiaries can use the money paid out by a policy for any purpose they choose, such as:

  • Paying for living expenses

  • Paying off credit card bills, medical bills, mortgages, or car loan balances

  • Paying for funeral and final expense costs

  • Funding children's college tuition and expenses 

When considering life insurance, you can think about what expenses would need to be covered in the event of your death, such as: mortgage, college tuition, other debts, funeral expenses, and income replacement. 

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