Life Insurance
Why do you Buy Life Insurance?
This low cost benefit is typically included with the health insurance purchase at a low cost fee. Most employees expect to receive some form of life insurance with their health insurance. The typical amount employers purchase for their employees is $25,000.
As an employer you may also consider purchasing an individual term life policy to cover KEY MAN INSURANCE. This type of insurance protects you and your company if you or a key person in your company passes. This inexpensive insurance protects you, any partners you have and your family.
If you have family members, a spouse or significant other that depend on your income, then you should think about purchasing life insurance. Life insurance provides essential financial protection for those who you care about the most. The proceeds, or death benefit, from a life insurance policy can:
- replace the income lost to your family
- pay off debts and expenses
- fund a favorite charity
- cover final and estate expenses
- provide needed cash to business partners
Typically, you would purchase a term life insurance policy to benefit those that matter to you most. But life insurance can also benefit you:
- Life insurance provides you the peace of mind that comes from knowing you have a sound financial plan in place for your loved ones in the event of your untimely death.
- Low cost life insurance can negate the need for expensive and inflexible mortgage protection insurance. That saves you money.
Term life insurance is the least complicated type of life insurance you can buy. Term life insurance rates are also the most affordable. Term life insurance differs from whole life insurance, universal life insurance and variable life insurance in that it provides you with coverage for a specific period of time and pays a specific dollar benefit upon death.
Unlike other types, term life insurance has no cash value, savings or investment elements that procure administrative costs and require higher premiums. That’s why a term life insurance rate is usually lower than other types of life insurance.