While there is no shortage of personal insurance a person can purchase, such as health insurance, auto insurance or home insurance, perhaps one of the most important policies that Personal Insurance Companies provide is life insurance. Unfortunately, this is a type of insurance that is often ignored. However, there are some extremely good reasons why this type of policy should be seriously considered.
Life insurance is an insurance policy that can help a family financially after a family provider has passed away. This type of insurance is free from taxes and can help a family pick up the pieces after a person who has contributed to the family income has passed away. This type of policy can offer many years of financial provision, allowing a remaining spouse or children to figure out how to move on.
While there are many reasons why people don’t purchase life insurance, one of the biggest reasons is the expense. There are instances where life insurance can be expensive. For example, whole life insurance is the most expensive type of policy to purchase. The reason for this is that not only can this life insurance turn into a retirement annuity providing tax-free income during retirement age, it’s a permanent life insurance policy. This means that as long as the person continues to make the premium payments, the death benefit is payable.
However, term life insurance is an easier type of policy to get and it’s much more affordable. While whole life may exclude people with certain medical conditions or lifestyle choices, term life insurance will cover just about anyone, regardless of their age or health. The difference is that term policies only last for the time that is delineated in the policy, which can be a few years to as much as 20 years.
While there is a lot to consider when it comes to life insurance offered by Personal Insurance Companies, it’s not something that people should try to avoid. It is the responsible thing a provider can do to financially help their family after death. If you want to find out more about this type of personal insurance, or any type of policy, you may want to either visit schlatherinsurance.com or simply go on their Facebook page to learn a bit more about this insurance agency.