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More About Life Insurance
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Life insurance is designed to protect your family financially should something happen to you. Although no amount of money can replace a loved one when they have passed on, having insurance that will provide your family with financial stability, especially if you are the primary wage earner, is important.
Why Do I Need Life Insurance Coverage?
When you die, your family will face many challenges while also dealing with extreme grief. They will need to make funeral arrangements. The average cost of a funeral in the United States is between $7,000 and $10,000 which must be paid by your loved ones. Even if you choose cremation, the cost for the service is around $1,000 and does not include the cost of any service your family may want to hold. You may have debts that need to be paid, like your final medical expenses. If you have a mortgage and do not have coverage to pay off the balance should you die, your family will be responsible for paying it or risk selling your home. Life insurance programs are definitely important if you have minor children as they will need support until they reach the age of adulthood.
What Do Life Insurance Plans Cover?
As mentioned, proceeds from life insurance can be used to cover funeral expenses and final medical expenses. However, your beneficiary can choose to spend the proceeds of your insurance as they see fit. The proceeds can be set aside for your children’s college education or to pay off student loans your children may owe. In most cases, insurance proceeds after death are not taxable. If the money is invested, your loved ones may have to pay taxes on any interest earned. Overall, insurance proceeds your loved ones receive after death can be used for any purpose, although you can place restrictions on the benefits before you pass away should you choose to do so.
How Easy Is It to Get a Life Insurance Quote?
Getting a life insurance quote is fairly easy, especially if you are young. Most life insurance companies offer plans with relatively low premiums for high policy limits. As you get older, the premium costs for the same policy limit can rise significantly. Your lifestyle and habits can also have an impact on how much your life insurance costs. For example, a 25-year old non-smoker could get a policy valued at $500,000 for as little as $22.83 per month while a smoker the same age would pay $69.31 per month. A 65-year old non-smoker would pay $443.17 per month for that policy while the same policy for a smoker would cost $1,376 per month. You can get quotes from life insurance companies by calling their office or checking online.
Whole Life vs. Term Life Insurance Plans
When it comes to this type of insurance, you have two options to choose from – whole life or term life. Term life provides insurance for a specified amount of time and usually has lower premiums. The insurance has no cash value until you pass away and the terms usually last between 20 and 30 years. Whole life insurance coverage has higher premiums but offers you a cash value. The insurance lasts as long as you are alive. This type of policy allows you to borrow against the policy limit or, after paying for many years, you can surrender the policy for its cash value. However, if you borrow against the policy and die before paying off the loan, your family will receive a reduced payout. Cashing in the policy means you no longer have life insurance coverage. To determine the best life insurance between term and whole life, you need to review your financial situation with an estate planner.
Discounts on Life Insurance Programs
EmployeeandMemberDiscounts.com offers many options for discounts on life insurance plans. We never charge a membership fee and you can find cheap life insurance that will help keep your family protected should something happen to you. Some of the best life insurance options are available through our website, cheap life insurance that were hand picked by our dedicated perk experts.
If you are interested in finding cheap life insurance or need a life insurance quote, contact us today. We can even help you create the perfect discount program for members of your company or organization. Simply give us a call today or fill out the easy online form to learn more.