If you have people who depend on you financially, you’ll want them to be provided for if something happens to you. Life insurance can protect your family from financial devastation and allow them to maintain the lifestyle they’re used to if you pass away. Here are some important things to know about life insurance coverage. 

Life Insurance Can Keep Your Loved Ones Financially Secure

A life insurance policy will pay a death benefit directly to one or more beneficiaries if you pass away. Benefits are generally not taxable. 

Life insurance can cover your family’s expenses and debts and give you peace of mind. Your beneficiary can decide how to utilize funds from a life insurance policy. For example, your spouse might use the money to cover funeral costs, pay off your outstanding mortgage balance or credit card debt, fund your children’s college education, or pay for day-to-day living expenses. 

You Can Choose a Policy That Fits Your Needs

Insurance companies offer different kinds of policies to suit customers’ varying needs. A term life policy remains in force for a specific number of years. That can be a good choice if you want coverage that will only last until your kids have finished college or until your mortgage has been paid off. 

If you have a family member who is unable to work and needs ongoing care, a whole life insurance policy can be a better option. Whole life insurance remains in effect as long as the premiums are paid, and a policy can accumulate cash value. Premiums for whole life insurance are significantly higher than they are for a term life policy.

Life Insurance Costs Vary Widely

Premiums are set based on numerous factors, including the type of policy and the insured individual’s gender, age, and health. For a relatively young and healthy person, life insurance premiums can be surprisingly affordable. The total amount that you would pay in premiums can be a small fraction of the sum that your loved ones would receive in benefits.

Get Personalized Advice

Petruzelo Insurance has a team of highly trained professionals who can discuss your circumstances and goals, tell you more about different types of life insurance policies, and help you figure out which best fits your needs. We’ll also get quotes from several leading insurance companies so you can find the coverage you need at the best rates available. Contact us today to get started.