Life Insurance Is Not for You, It's for Them
Life insurance may be one of the most important purchases you'll ever make. In the event of a tragedy, life insurance proceeds can help cover bills, support a family business, finance future needs like your children's education, and protect your spouse's retirement plans. With guaranteed lifelong coverage, fixed premiums, and a cash value component, life insurance offers comprehensive financial security. If you're considering securing your family's financial future, we would be happy to review your current situation and offer ideas on how you can protect it.
Get comprehensive coverage and peace of mind. Call Beth to discuss your life insurance options at
(701) 595-1743.
Which Life Insurance Should You Choose?
Term Insurance
Term insurance is a cost-effective option that provides coverage for a specific period. This type of insurance is ideal for those who need protection for a temporary period, such as until their children finish college or their mortgage is paid off. With a term life insurance policy, you pay a premium for a set term, and if you pass away during that time, your beneficiaries will be receiving a cash benefit.
Final Expense
Final expense life insurance ensures your family won't be burdened by unpaid expenses like loans, credit card debt, or funeral costs. This whole life insurance policy is usually more affordable and helps cover costs in the final stage of life.
Universal Life
Universal life insurance lets you adjust money between its insurance and savings parts to fit your needs. This permanent life insurance offers flexible, lifetime coverage as long as you pay your premiums. You can adjust your premiums within limits, making it more affordable than whole life insurance. However, if you underpay or the policy underperforms, it can affect your death benefit or cause the policy to lapse.
Whole Life
Whole life insurance to ensure your loved ones are cared for when you're no longer around. Whole life insurance is a permanent policy that provides lifelong coverage with fixed premiums that never change. Upon the insured's death, the policy pays a stated amount to the beneficiaries. Additionally, it has an investment component that accumulates cash value, which the policyholder can withdraw or borrow against.
What Life Insurance Do I Need?
Choosing the best life insurance plan depends on factors such as age, income, marital status, health status, age, the number of beneficiaries, and savings goals. With your input, we can help figure out what's best for you and explain things in a straightforward manner.
How Much Do I Need?
There are several ways to answer that question, but here are some good places to start. How much would be needed to retire your existing debt, replace your income, pay off the mortgage, and pay for your kids' education and everything else? The life insurance industry has even come up with a handy acronym to help you remember it all: DIME (debt, income, mortgage, education/everything else.)
When Should I Buy Life Insurance?
Yesterday, if that were possible.
There is a real cost to delaying the purchase of life insurance. Not only will your premiums be higher the longer you wait, but you may also become uninsurable. Policies that would have been available when your health was better may cost quite a bit more now if they are even available.
Term or Whole Life
Term insurance is issued for a set number of years and then ends. Sometimes when the term expires, the company will extend coverage but with a MUCH higher premium. Most people don't renew as long as their health is good enough to get a new policy.
Whole life insurance never expires (as long as you pay the premium!), and the premium never increases. As you might guess, the premiums are significantly higher than term life. Whole life insurance accumulates cash value that you can access during your life.
Final expense policies are a type of whole life insurance that is intended to pay for your burial.
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