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Life Insurance Information
Planning for your future should be an ongoing process throughout your life. After all, when you do pass away, you want to leave your loved ones with a strong financial legacy. Still, you never truly know whether you will die tomorrow or fifty years from now. You want to be prepared for any eventuality, and one of the best ways to do so is to invest in quality life insurance.
Life insurance is a very important and sensitive subject for any policyholder, but the good news is that you can easily customize your plan to fit easily into both your current and future financial objectives. Though there are many life insurance options on the market, only one that is tailored to you will offer you the perfect solution.
Here at Sovereign Financial Group, we’re committed to helping all our neighbors and friends in greater Chicago establish a strong financial plan for both today and tomorrow’s needs. We’re a team of informed, compassionate and goal-oriented experts who will guide you through the steps necessary to create the best financial portfolio for your future.
To set up an appointment today, call us at (708) 713-4456 or contact us online.
Common Life Insurance Questions
How Does Life Insurance Work?
Life insurance is relatively simple to understand. If someone insures their own life under a policy, then upon their death, the policy will pay a sum of money, known as a death benefit, to a recipient of the deceased’s choice. Therefore, life insurance involves two primary parties:
Insureds are the parties who insure their lives. If this is you, then you will designate a sum of money to be paid out from the policy on your death. When you die with a policy in place, your insurer will gather information on the circumstances, and if the terms of the policy allow, will pay the death benefit to your survivors.
Beneficiaries are the people who receive the death benefit from the insured’s life insurance. The beneficiary might be a spouse, adult child, close friend or even a charity of your choice. You can also choose to place these funds into a trust, which can govern the use of the money by the beneficiary.
Why is Life Insurance Important?
You might have worked hard to save money over the years. Still, that doesn’t mean that your loved ones might not face hardships after you die. After all, the income and overall value that helped support you and your loved ones will no longer be available.
Therefore, a carefully designed life insurance policy can substantially reduce your beneficiaries’ financial burden after you are gone. The death benefit might help them pay for a variety of costs, including:
There are two primary types of life insurance:
Term Life Insurance:These plans only offer coverage for a certain number of years. For example, a 15-year term plan will only be active for 15 years. If you do not die during this term, then your plan will expire at the end of the term. You must apply for new coverage to continue to receive coverage.
Whole Life Insurance:A whole life plan lasts from the time of enrollment until the end of your life, regardless of when that might be. It will only expire if you fail to pay your premiums. Besides a death benefit alone, a whole-life policy will also offer cash-value investment opportunities. A portion of your premium is invested into a savings account that accumulates value over time. You can then draw on this investment for income during your own life.
There are many other types of life policies on the market, including universal life, guaranteed issue, and group life coverage.
Which is Better, Term or Whole Life Insurance?
On one hand, a term life policy is usually more affordable than a whole lie plan. However, since term life plans expire, you will have to reapply for an entirely new plan once the original plan expires. This might be perfectly fine if you only want a policy to go to a specific cause (such as a child’s education), which will disappear over time.
However, if you want lifelong coverage that your beneficiaries can use for a variety of needs, no matter where they are in life, then a whole life policy might be to your advantage.
The good news is that you can buy as many life insurance policies as you want, which can help you design a mixture of coverage that will address a variety of your loved ones’ financial needs. Therefore, even though some policies might expire, you can still have other benefits available in the long run.