Life insurance is more than just a policy—it’s a financial safety net for your loved ones. If you’re new to life insurance, the variety of options can feel overwhelming. Here’s a quick guide to help you understand the basics:
What is Life Insurance?
Life insurance is a contract between you and an insurance company. You pay premiums, and in return, the insurer provides a death benefit to your beneficiaries after you pass away. This benefit can help cover expenses like funeral costs, outstanding debts, or even future financial goals.
Types of Life Insurance
- Term Life Insurance: Provides coverage for a specific period, such as 10, 20, or 30 years. It’s affordable and ideal for temporary needs.
- Whole Life Insurance: Offers lifelong coverage with a cash value component that grows over time.
- Universal Life Insurance: A flexible policy that combines lifelong coverage with investment opportunities.
Why is Life Insurance Important?
Life insurance ensures your family’s financial stability during difficult times. Whether it’s replacing lost income, paying off a mortgage, or funding education, it offers peace of mind and security.
Ready to explore your options? Contact Gail Brokerage to discuss a life insurance plan tailored to your needs.