It’s not about you. Life insurance is something you do to protect those you love so they don’t suffer financially if your income is no longer there. Life insurance can be the only thing that stands between your loved ones and financial hardship.
What Is Life Insurance?
Life insurance is needed for the “what ifs” in life. What if I die unexpectedly? Could my family continue to live in our home? Would my children have the funds to attend college? Will my family have the funds on-hand to pay for my funeral and final expenses? Life insurance is there to provide financial help to those affected by the “what if” situations.
Whole Life Insurance and Term Life Insurance
There are two types of life insurance: whole life and term life. The specifics of your life — age, income, and other factors — help determine which type of and how much life insurance is appropriate for you.
But one fact is remains true: funds for your funeral and final expenses will always be needed.
If the loss of your income would negatively impact those who depend on you, consider adding a term life policy to a whole life policy. Term life insurance can help your family if you die during your peak earning and asset accumulation years.
Whole Life Insurance
Provides coverage for your entire life
Premiums never increase during ownership of your whole life policy
Builds cash and loan value
Term Life Insurance
Provides coverage for a limited period of time
After that period, policyholders typically pay increased premiums to continue coverage
Usually less expensive than whole life insurance
Terminal Illness Rider
This rider can be added to a life insurance policy at no cost to the insured. The Accelerated Benefit pays 50% of the coverage face amount when the insured is diagnosed with a terminal illness and has a life expectancy of less than 12 months (24 months in IL, MA, and WA). The policy premiums remain the same after payment of the Accelerated Benefit to the insured and the beneficiary receives the remainder of the policy proceeds upon death of the insured. Complete details of the benefits, terms, conditions, and exclusions of specific policies and availability should be obtained from the Agent or American Income Life.
Get Protected with American Income Life Insurance Company
American Income Life Insurance Company can help you decide which policy will best fit your family’s needs. With less money than you might think, you can protect your family when the inevitable occurs.