At Southwestern Insurance Group, we know that no one likes to talk about their death, but life insurance is a valuable asset. Financial advisers regard life insurance as a basic building block of financial security. A life policy can replace your family's income in the case of your death, including your spouse, children, or even your parents.
A life insurance policy leaves a sum of cash to those who are immediate relatives of you or a beneficiary of your choosing. Relatives can be categorized into two categories.
You can use life insurance to create an inheritance and pay for final expenses. An insurance policy can pay for probate, funeral and memorial costs, medical bills, and provide cash to clear up debts. Even if you have no other property to pass on, a life insurance policy could be an inheritance for the loved ones you name.
Life insurance can also benefit you and your family while you're alive. Some policies offer a cash value that can be borrowed or used at your request. Life insurance policy premiums may also earn interest which can be tax-deferred or even tax-exempt when paid out as a claim after death.
The two main types of life insurance are term and whole life. Term insurance refers to a set period of a specific number of years that your policy is active. Whole life insurance lasts the entire duration of your life as long as you continue to pay your premiums.
Southwestern Insurance Group is a licensed life insurance provider in our state, and we are glad to discuss life insurance options and how it can fit into your financial plans. Our agents are ready to work with you and help educate you on the benefits of a life insurance policy, so come in and visit with us or give us a call today.