With so many life insurance options available to choose from, such as; Universal Life, Whole Life, Variable Life, Term Life and so on…and rates guaranteed from 1 to 100 years, choosing a life insurance company and the right plan can surely give most people a headache. At InsuranceBudget.com we’ve amassed a comprehensive list of affiliates that provide life insurance coverage in your state. We believe that our site will give you all the resources and tools to help you find a life insurance plan that best fits your needs.
As unpleasant as it may be to think about, if you have a family or are running a small business, you must have life insurance to protect those who depend on you. Life insurance not only provides your family with a safety net in the event of an untimely death, the right kind of life insurance can be a key part of your overall financial future.
In addition to helping your family pay expenses such as mortgages, rent, and other living expenses after your death, Life Insurance can also:
• Pay estate taxes and funeral expenses
• Fund your child’s college education
• Add to your retirement savings
• Provide a source of equity for unexpected expenses
Without adequate life insurance your family may be forced to sell your home or other assets to keep up with expenses. Many Life Insurance polices have important tax benefits. Certain types of Life Insurance polices have “cash surrender value”. In some types of Life Insurance the earnings that add up over time are tax deferred. And remember in most instances your beneficiaries do not pay any federal income tax on a life insurance settlement.
Even if you have grown children you may still need Life Insurance. What if you have aging parents who depend on you for care, what would happen to them if something happened to you? To determine just how much life insurance you need the rule of thumb is to have at least 5 to ten times the amount of your yearly income.
There are many different types of Life Insurance policies from simple low cost Term Life insurance – that offers a death benefit with no annuity savings or cash value – to many kinds of polices that do offer savings opportunities. Let us help you find the Life Insurance product that is right for you.