Life insurance is not just for burials. Life insurance is a strong tool in providing for and protecting you and your family. Whether you are looking to take care of your spouse or children after your death, or need an investment opportunity for future expenses such as college tuition, or want to add to your portfolio, our experienced staff can help you choose a product that will serve your goals. Life changes and so should your planning. Richards Benefits & Financial Services will continue to work with you as your goals change.
Term life insurance will pay a beneficiary if the insured dies during a specific time period. Term insurance can be thought of as “temporary” insurance because the policy is for a set number of years. Term policies provide a face value for a limited period of time based on your needs. They do not have cash value. For example, if you have a mortgage on your home you may consider a term policy for 10 to 30 years that would cover your mortgage. The mortgage is for a limited period of time, so a term policy would be perfect.
Whole life insurance is a form of “permanent” life insurance and features guaranteed premiums, death benefits, and cash value. Whole life policies generally stay in force until the day you die. If you purchase a policy with level premium and level face value, your death benefit and premium will never change.
Universal life insurance is also “permanent” life insurance that provides coverage until the day you die. This type of policy has a flexible premium and gives the insured more options. Universal policies also accumulate cash value. The insured can typically borrow against the policy, but universal life is not for everyone. At Richards Benefits & Financial Services, we work with you to determine what type of policy is best for your goals, needs, and circumstances.
Term, whole life, and universal life insurance policies all have the option to have riders added to them. When you add a rider to your policy, there will be an increase in premium. Examples of riders that are available include: disability, conversion (term policies), waiver of premium, chronic illness, no lapse guarantee, long term care, accidental death, and accelerated death benefit.
You may not be able to predict the ideal amount of life insurance needed for you and your loved ones, but you can make a good estimate when you take a couple things into consideration. Visit lifehappens.org and use their calculator to help you determine if you have the coverage you need.
By working with an agent at Richards Benefits & Financial Services, you can explore all of your options and select the policy that best meets your individual needs, budget, and financial goals. Life insurance gets more expensive with age, so contact us today!
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