The actions you take every day, as well as the plans you make for the future, can provide your family with security and peace of mind. Creating a comprehensive financial plan is one way to care for your loved ones. Your financial plan should include savings for emergencies, retirement, and your children’s education. Life insurance coverage is another essential piece of the puzzle.

What Is Life Insurance?

A life insurance policy provides a death benefit when a covered individual passes away. The beneficiary can use that money to pay off a mortgage or credit card bills, finance a child’s college education, or cover day-to-day living expenses.

A term life insurance policy is only in effect for a pre-determined amount of time. Often, customers choose a term life policy because they want to have life insurance coverage until their children finish school. If a parent passes away after that, adult children will be able to support themselves financially. 

A permanent life insurance policy provides coverage for an individual’s entire life, as long as the premiums are paid. A permanent life insurance policy can grow cash value. The covered individual can borrow against the cash value to pay for a major purchase or an unanticipated expense.

Who Should Have Life Insurance?

If you support your family financially, you should have life insurance coverage. If you pass away unexpectedly and your loved ones experience a sudden loss of income, the effects can be devastating. Life insurance can provide vital financial protection.

It can also be worth investing in life insurance for family members who don’t earn an income. A stay-at-home parent performs a range of tasks that keep things running smoothly. If a parent who is responsible for grocery shopping, cooking, cleaning, laundry, and childcare passes away, you might have to hire other people to handle those duties. That can be expensive. Life insurance coverage can make domestic help affordable.

How Can You Find the Right Life Insurance Coverage for Your Family?

Every family is unique. When purchasing life insurance, it’s essential to find the policy type and amount of coverage that will best fit your circumstances, goals, and concerns. The team at Petruzelo Insurance can explain more about the different types of life insurance policies and help you figure out which is most appropriate for your family. We’ll also get quotes from several leading insurers and help you find a policy that fits your budget. Contact us today to learn more.