Having life insurance is necessary to ensure that your dependents would have financial protection and a secure future. To determine what policy is best for you and your family, it's important to discuss your life insurance needs with a local life insurance agent. At Midwest Insurance & Financial Services, we serve residents of Indiana and can help you decide which life insurance plan is the right choice for you.
Not all life insurance policies are created equal. First, it's important to understand your goals. Do you primarily seek financial protection for your dependents? Or are you looking for life insurance to support your retirement goals or college tuition expenses for your children? While life insurance is primarily intended for the financial support of your family, it can also be used for investment purposes and accumulate cash value.
Next, familiarize yourself with the primary types of life insurance, which are term and permanent life insurance.
Term Life Insurance
Term life insurance gives you the peace of mind that if you pass away during a specific period of time, your family will receive a death benefit.
This type of insurance usually has lower premiums and is especially important to have when you are young and likely have debt due to a home mortgage or credit card payments. Over time, the cost of term insurance increases, which is why it's important to talk with an experienced agent to determine how much insurance you need for the security of your family's financial future.
Permanent Life Insurance
Permanent life insurance can be advantageous because it accrues cash over time. If you continue to pay the premiums on permanent life insurance, then the policy is ongoing, rather than lasting for only a specific term.
This type of insurance usually has higher premiums than term insurance but can be a smart choice depending on your age, financial situation, and investment goals.
To learn more about the type of life insurance you need to protect your family, contact Midwest Insurance & Financial Services in Indiana to speak with one of our agents and get a quote.