This Valentine’s Day, you owe it to yourself to show your loved ones just how much they mean to you. By investing in life insurance, you can protect your loved ones. At its core, life insurance helps protect your family from financial hardship in the event you unexpectedly pass away.
It’s essential if you’re the breadwinner and your loved ones depend on you to have life insurance. Life insurance can also be crucial if you have children or own a home or business. While life insurance will never replace you, it can provide some financial protection to your family if and when times get tough.
As with other insurance types, you purchase life insurance from an insurance company and pay premiums on a monthly, bi-annual, or annual basis. In exchange for your premium payments, the insurer will pay a lump sum of money to your family if you lose your life. Several factors will play a role in the cost of your life insurance policy. These include age, medical history, smoking habits, and dangerous hobbies, to name a few. The younger and healthier you are, the less you’ll pay for your policy. Your beneficiary or the individual you designate to receive the money will need to file a claim to collect life insurance benefits. In addition, the funds will likely come to them in monthly or annual installments once their request is approved.
If you make the decision to purchase life insurance to protect your loved ones this Valentine’s Day, in general, it will cover the following:
In conclusion, together we can review your financial situation and determine the ideal insurance policy for your unique situation. Contact us today to get started and protect your loved ones.
Disclosure: The sources used to prepare this material are believed to be true, accurate and reliable, but are not guaranteed. This information is provided as general information and is not intended to be specific financial or tax guidance.
As a retirement income specialist and 38-year veteran of the financial services industry, August H. Velten understands what his clients need in order to enjoy a comfortable retirement. Augie is a former instructor for the Life Underwriter Training Council. He once occupied the legislative seat for the Maine Association of Life Insurers. At August H Velten & Associates, we know that it is your retirement, and you should have control over it. We offer our experience and knowledge to help you design a custom strategy for financial independence. Contact us today to schedule an introductory meeting!