Let’s say you’re a married couple with two children. What would you do if your spouse were to unexpectedly die? Would you be able to stay home and grieve, or would you have to return to work and begin struggling alone? Who would pay the mortgage? What about the kids’ college tuition? If you have a family, many experts suggest that you need a savings amount equal to 10 times your annual salary. Most people do not have such savings, and that is where a Life Insurance policy can help out.
An affordable Life Insurance policy from Prendiville Insurance Agency can help your family when you need it most. A Life Insurance policy would help your family after the time of death to cover final illness expenses, burial costs and estate taxes. It would also deliver funds to finance a move, or to provide time for family members to find a job as well as helping with ongoing financial needs, such as monthly expenses, day-care costs, college tuition and retirement.
There are basically two types of Life Insurance policies:
- Term Life Insurance provides you with coverage for a specific period of time. It pays a benefit only if you die during that term. Some Term Insurance policies can be renewed at the end of the period. Term Insurance premiums are generally lower and you can usually afford a higher level of coverage. Term Insurance is good for responsibilities that will diminish or end over time, for instance, mortgages or car loans.
- Permanent Life Insurance is designed to be a lifelong policy. As long as you pay the necessary premiums, the death benefit will always be there. Permanent Life Insurance policies can build cash value over time. This is money that can be borrowed against and, in some cases, withdrawn to help meet future goals. These policies are designed and priced for you to keep over a long period of time.
It may seem complicated—let an expert at Prendiville Insurance Agency stop by your home and discuss the cost-effective benefits of a Life Insurance policy.
Life Insurance is one of the best things you can leave behind for your loved ones, yet many people make the mistake of deciding to purchase this insurance at a later date. Don’t do this to your family! Call one of the Benefits experts at Prendiville Insurance Agency and let us design a specific policy for your family’s needs that will insure you properly. When you call Prendiville Insurance Agency, you are always greeted with a live, in-office licensed agent who will take care of your needs immediately.
Make sure you ask us about our Mortgage Protection plan and Multi-Policy discounts.