Have you ever wondered what would happen to your dependents if you weren’t there? It would be difficult, but life insurance would help them manage their financial obligations. Unfortunately, most people think that they don’t need life insurance — but they are wrong. Others think that life insurance is for the old and those with chronic illnesses — they are wrong, too.
Given that life insurance is one of the most misunderstood topics, Boss Insurance Agency of Kingwood, TX has taken time to dissect life insurance to its basics. Here is what you need to know about life insurance.
Types of life insurance
There are different types of life insurance policies, but they are broadly categorized into two, namely:
- Term life insurance: This coverage protects for a limited period. It could be 10, 15, 20, or 30 years. Most people start with this policy because it’s the most straightforward and affordable policy.
- Whole life insurance: This coverage is for a lifetime and has other subcategories. Your beneficiaries get death benefits when you pass on. However, you can still benefit from this coverage when you are alive. It accumulates a cash value that you can borrow against or supplement your retirement income.
Who needs life insurance?
Life insurance isn’t about dependents only — other categories of people need it too. You need life insurance if:
- You have debts
- Own a business
- Want to live an inheritance
- Love peace of mind
- Want to finance your final expenses
The best time to buy life insurance is now
Don’t wait to buy life insurance when you are old and weary — it will be expensive and won’t accumulate as many benefits. The best time to purchase life insurance is today — and if you are young, it’s even better because the premiums are more affordable.
Buy life insurance in Kingwood, TX
Would you like to buy life insurance to protect what matters most? Why don’t you get in touch with Boss Insurance Agency? We will choose for you a life insurance plan that suits your budget and other needs.