Life is constantly changing. From marriage to becoming first-time parents, the many seasons of your life deserve a robust insurance plan to safeguard your financial assets. Life insurance works to protect you and your loved ones during times of change. Have you thought about your financial plan?
Straightforward and affordable, term life insurance provides beneficiaries with a one-time lump sum payment for a covered loss. The term length varies depending on the policy. Some are only for 10 years, but they stretch for up to 30 years.
The beneficiary of the policy, usually a close family member, will receive the death benefit should you pass away. Premiums are typically fixed and remain active for the duration of the policy providing you are not behind on payments and the policy goes into cancellation.
Term life insurance is ideal for working families with young children. Oftentimes, clients will have a term life policy until their kids finish college or they might be buying their first home and are choosing a term length that lasts until the mortgage is paid.
If the following scenarios describe your living situation, you’re probably going to need life insurance:
Reason for buying term life may vary, but the main purpose is to give your family some financial backing should you pass on.
Another popular option, whole life insurance provides lifelong coverage and provides an investment component known as the policy’s cash value. This value grows slowly, is tax-deferred and is accrued at a guaranteed rate. It’s pricier, but some people prefer whole life insurance because it allows you to accrue an invested wealth.
If the following scenarios describe your living situation, you’re probably going to need whole life insurance:
H&K Insurance offers both term life and whole life to our clients. To learn more about your options, fill out our free life insurance quote form below or email Brian Kilcoyne at briankilcoyne@hkinsurance.com
Brian Kilcoyne, our life insurance guru, matches clients with custom policies all throughout the Greater Boston Area. He prides himself in protecting your assets just as much as he takes pride in watching his son do battle on the wrestling mat and skiing with his family. No matter if he’s in front of a client or atop a mountain, Brian puts forth his best effort in everything he does.