What is Life Insurance?
Life insurance is like a safety net for your loved ones, it is using pennies to protect dollars. It provides financial protection and peace of mind in case the unexpected happens.
we know it's not the most fun topic to discuss, however it is necessary. Life insurance is important because it ensures that your family is taken care of financially when something happens to you.
What type of coverage is right for me?
There are three types of Life Insurance. Each with its own purpose and functionality behind it. There is no such thing as bad coverage. However you can have the wrong coverage if mis-informed. Our team of experts at Perdue Financial enjoy taking time to get to know our clients by asking them the questions that matter in order to help determine what is right for you and your family. Life insurance is much more than just a death benefit. it is meant to insure your life. from 0-100 years old your situation is constantly going to be changing. It is imperative that which ever stage of life your currently in you find someone you can trust, that can make those transitions as easy as possible. The answer to the question above strongly depends on your wants and needs as the insured. Give the section below a look to get a better feel for what you think is right then feel free to book with us to talk about it, thank you for allowing us to be the professionals that serve you.
What are the different types of policies?
Term is to cover typically younger healthier people looking to protect income replacement or even a mortgage for example.
Term insurance is for a specified amount of time (10, 15, 20, 30yrs) where premium can be fixed for that amount of time or even come with premium increases. this is not a permanent solution, but it can be a solid temporary fix if used appropriately.
Accidental you can typically have some for free through your local bank or credit union. If you travel frequently, work in a hazardous occupation, or would just like to add a substantial amount of coverage for very little in premium. this coverage could be right for you. This type of coverage can have double or even triple indemnity!
Whole life is typically used for final expenses (burial, cremations, and legacy purposes) . Once approved for this type of coverage you will not be dropped for future health conditions. The premium is locked in at what you are comfortable with and will never experience a price increase. The death benefit will never be reduced, it will also be received by your beneficiary(s) income tax free! This type of policy also builds cash value which you can use while you are still living. you can Cash it out, loan upon it, or even pay the policy up.
While whole life has these basic principals, there are a couple of select special types of policies used for rapid cash value accumulation, retirement planning, and debt free life.
