End of life planning is rarely an enjoyable experience, but life insurance is vital when it comes to protecting your family. The right life insurance policy guarantees that the people who depend on you will be provided for in the event of the unexpected. Life insurance should be a fundamental component of your financial planning, just like any other savings. A life insurance broker can evaluate your needs and make the right recommendations.
What does life insurance cover?
There are many different life insurance policies to choose from and each offers different benefits to your family. Typically, consumers need to choose between permanent insurance and term life insurance. Each coverage type has advantages and disadvantages.
Term life insurance can be less expensive in the short term, making it an attractive option to many. Term life insurance is a type of coverage that produces benefits only if you die within the agreed upon “term”. Term life insurance is temporary, which means it is useful if your needs or financial status are likely to change after a certain period of time. For example, you may be the primary provider for your family and you may be covering all the bills. If your children will be financially independent after 10 years, you may no longer need term life insurance.
By contrast, permanent insurance is just that — permanent. It’s often referred to as whole life insurance, and it has no set end date. It offers more flexibility than term life because it acts as an investment that you can borrow against. In some cases, you can also choose where to invest the money while the account grows. Permanent life insurance offers a guaranteed payout upon your death, no matter when that may be. These policies tend to be much more expensive than term life insurance due to the certainty of your beneficiaries eventually collecting the benefits.
Why do I need a life insurance broker?
Whether you’re just contemplating securing a policy or whether you’ve been covered before, working with a life insurance broker can help you select the best policy for your needs and lifestyle. At Frankel & Associates, we’ll partner with you to help assess your unique risks. Next, we evaluate potential policies based on a variety of factors such as premium costs, current income, the needs of your beneficiaries and your previous claims response history. As a result, you’re able to save time and money by considering only plans that meet your requirements.
Selecting life insurance as an individual can be extremely time consuming. Often, it requires inputting dozens of personal, identifying details into provider websites, only to receive an estimated premium cost and confusing term sheets. When you work with a life insurance broker, we evaluate your needs first. Every family is different, and the brokers at Frankel & Associates get to know yours before presenting you with policy options that are right for you.
Life insurance is about more than just a monetary payout. It’s about ensuring a stable financial future for your loved ones. We focus on obtaining the best coverage for you, not upselling an expensive package. We are not beholden to any company, which allows you to evaluate plans from multiple providers. With our exceptional customer service, finding a life insurance policy has never been easier!