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Know About Life InsuranceMost households could do with a life insurance policy. Unfortunately, most don’t have one in place. In fact, just three out of every ten households have a life insurance policy. Despite being universally necessary, there remains a shroud of mystery and confusion surrounding life insurance as a whole. It’s mostly due to how complex life insurance can be, and because few of us want to think of our own death. But with knowledge on your side, you can break down life insurance policies with ease and make the right choice for your family.

Financial Planning

First and foremost, a life insurance policy is a good part of a sound financial plan for you and your family. You already know all about savings and retirement, but life insurance is financial planning for your loved ones’ and their health and happiness. If you were to pass away, would your family have enough money to live comfortably? Would your significant other need to return to work to survive?

Different Types of Life Insurance

There are various types of life insurance policies on the market. In addition to employment-based life insurance, which only lasts as long as you are with that company, there is also term and permanent life insurance, too.

  • Term Life Insurance – You pay a lower premium for term life insurance, but coverage is very specific. Say, 30 years, for instance. At the end of this period, the insurance coverage closes.
  • Permanent Life Insurance – Also known as whole, universal, or variable life insurance, permanent life insurance is for as long as you pay the premium. Now, this premium is often higher, but the coverage is typically better.

Life Insurance is Affordable

Most people have it in their head that life insurance is expensive. Yet another monthly expense? But today’s life insurance policies are often more affordable than ever before. You can secure a 20-year term policy for around $16 per month. Now, the price you pay can vary, but the variation is likely to be insignificant.

Find the perfect life insurance policy for your family with Health Reform Team. Speak with a friendly, knowledgeable insurance expert by calling 833-839-2773!

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