That’s where life insurance can help. Life insurance can help provide for the people who depend on you financially when you are not there anymore. The money can be used for final expenses, replace lost income, cover debts, pay mortgage, fund a child’s education, and much more. Here’s the reality: At your death, your mortgage continues, you still need to finance your child’s education, and your spouse has to find a way somehow to care for your children and your house while earning sufficient income. As hard as it may sound, life for your spouse and children must go on.
There are two types of life insurance policies: Term Insurance and Whole Life Insurance.
Term life insurance offers simple and affordable coverage for a set period, typically 10, 20, or 30 years. Whole life insurance provides coverage for your lifetime with the potential to build equity in the form of cash value and options for more flexibility. Under whole life insurance falls (Universal Life, Variable Universal Life, and Survivorship Life)
- Universal Life Insurance – Permanent insurance, with the flexibility to change payments, premiums and death benefit options.
- Variable Universal Life Insurance – Permanent insurance, with the flexibility to change payments, premiums and death benefit. This insurance also allows you the option to take investment risks in return for a potentially higher cash value.
- Survivorship Life Insurance – Permanent insurance for two people, which provides a benefit to beneficiaries after the second person, passes away.
Many families find that a combination of both types of life insurance helps them meet both immediate needs and long-term goals.
At Universal 1st, we will help you find the best combination of policies that will meet your needs. For more information on Live Insurance contact Universal 1st Financial Group at 818-546-2200 or fill out our form above for a quick Life Insurance Quote today.