Take a look at those who depend on you and your income. Think about how they will survive without your income stream. A well thought out life insurance policy can replace that income and provide security to those you leave behind. A life insurance death benefit can also pay off debts, pay expenses and cover funeral and estate costs.
There are basically two types of life insurance. Term Life Insurance and cash value life insurance. Term life insurance covers an individual for a specific time period, locks in a rate, usually at much lower cost than cash value life insurance. The cost difference may enable you to provide much more protection for the same dollars.
One type of cash value life insurance is Universal life. It combines a death benefit with a cash value component. Cash value life insurance offers protection over the insured’s lifetime. Some universal life policies base their ultimate value on profitability of stocks and bonds, and interest rates. Universal life policies have higher premiums, but have a dual purpose to serve as a death benefit and as a way to build cash value.
Think of the analogy of Term Insurance to Renting a home, and Cash Value Insurance as purchasing a home.
Once you decide which type of life insurance is right for you, it is time to decide the amount of protection you need. First, figure out the amount of income needed by those left behind, then compile a list of household expenses, mortgage payments, credit card debt, loans, funeral expenses and future education expenses. One of our staff would be happy to assess your needs and determine the right amount of protection.
Once you place an application, the insurance company will determine if you qualify for the life insurance based on several factors:
Occupation and Earnings
Call Provantage Insurance today, 215-396-9022 to learn more about how you can protect your loved ones.