Life insurance can have some huge benefits. Thinking about it might not sound pleasant, but life insurance in West Palm Beach is often part of a very important decision that needs to be made. You should figure out if it’s something you need, and if it is, you have to decide what kind and how much is best for you.
There are two main types of life insurance: term life and whole life. Both of these policies will provide a payout to beneficiaries at the time of your death, but there are some slight differences.
Term life insurance only lasts for a certain period of time. For example, you can choose a policy that lasts for 20 years. If you die at any point during that time, the beneficiaries are paid. Term life is typically more inexpensive and can sometimes be converted to whole life. Whole life insurance is very similar, but the main difference is that it won’t expire. As long as you keep making payments, you’ll never have to renew your policy.
Life insurance is less about you and more about the people who depend on you. When you’re gone, the money will be able to help the beneficiaries in your absence. Policies are suggested for parents, breadwinners, business owners, and homeowners with a mortgage, among others.
The benefits are generally income-tax-free, and the beneficiaries will get the full amount of the policy you chose. If you chose a $250,000 policy, that is the amount they will receive as long as your death happens within the term period (or anytime with whole life) and you have been making your payments.
Figuring out what kind of life insurance is best for you and how much you’ll need isn’t typically an easy decision to make. At Legacy Financial Partners, we’ll give you all the information and guidance necessary to make that decision a little easier. Contact us today to schedule a meeting.
If you’d like to hear more information about any of our products or services, schedule a meeting today or register to attend a seminar.