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Life Insurance

Life insurance is designed to pay your beneficiary or beneficiaries a lump sum of money if you die. For peace of mind regarding those you could be leaving behind, nothing else has the same level of punch that life insurance does. It can guarantee the financial security of your family or other beneficiaries in the event of your death, and it can be very affordable.

Who needs life insurance?

Anyone that has someone in their life that depends on them financially most likely needs life insurance. This includes:

In each of these situations, the insured wishes to leave their beneficiaries with the funds they will need to carry on when they are gone. For parents with children, this is a relatively simple decision because after you're gone the children will still need the basic essentials and the money to achieve a higher education. For singles with aging parents or disabled siblings, the decision is less standard but still just as important for if you are gone, who will care for your sibling's needs or for your parents?

Life Insurance through InsuringCT

Life insurance comes in a variety of plan types. The following are some of the more common types of life insurance and InsuringCT can help you with any of these types of policies.

Term life Term life insurance provides coverage at a fixed rate of payments for a specific period of time. Once the period of time defined by the policy expires, the rate is no longer guaranteed and most of the time coverage ends. If the insured dies during the period of coverage, the death benefit is paid directly to the beneficiary or beneficiaries listed on the policy.

Whole life Whole life insurance provides lifetime coverage typically at a fixed rate. This type of life insurance protects the beneficiary and builds cash value that can be borrowed against or redeemed. Premiums can be locked and guaranteed to remain the same over the life of the policy. This type of life insurance pays a benefit to the beneficiary or beneficiaries listed on the policy upon the death of the insured, whenever that occurs.

Universal life Universal life insurance is a type of permanent life insurance that combines term life insurance protection with a savings feature. The policy premiums above the cost of the insurance are allocated to savings. The portion of the funds allocated to savings is invested in a tax-deferred account that earns interest rates typically comparable to the prevailing money market interest rates.

Depending on your individual needs, you may want to obtain one or more policies to cover areas in your life. For example, you may want to get a term policy to cover yourself while your children are younger and your spouse is at home, but then layer a whole policy with it to ensure your spouse is covered after the children have grown and are on their own. You may want to get a universal policy and use that as the inheritance you pass on to your children, or you may want to leave that money as a gift to your favorite charity or organization. With the relative affordability of life insurance, a variety of options are easily available. Contact InsuringCT today for all of your life insurance needs.

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CT Health Insurance Advisor