Life insurance isn’t for those who have died — it's for those who are left behind. When shopping for life insurance, consider needs such as replacing income so your family can maintain its standard of living, as well as paying for your funeral and estate costs. A general rule is that you may want to seek coverage between five and seven times your gross annual income. As far as the various types of policies go, they can generally be placed into one of two categories: term or permanent.
Term insurance generally provides coverage for a specified period of time and pays out a specified amount of coverage to your beneficiaries only if you die within that time period. In a level premium term policy, you pay the same amount of premium from the first day of the policy until the term ends. A permanent insurance policy, on the other hand, will stay permanently in effect for the rest of your life, as long as premiums continue to be paid.
As an Insurance Professional and Registered Investment Advisor, we are not permitted to offer, and no statement contained herein shall constitute, tax, legal or Investment advice. You should consult a legal or tax professional on any such matters.
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SimplePath Retirement, LLC is an independent financial services firm helping individuals create retirement strategies using a variety of investment and insurance products to custom suit their needs and objectives.
Your Insurance Professional and Registered Investment Adviser is not permitted to offer, and no statement contained herein shall constitute tax, legal or Investment advice. You should consult with a legal or tax professional on any such matters.
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