The Ultimate Valentine’s Day Gift – A Life Insurance Policy
Happy Valentine’s Day! It’s time to celebrate love and show our spouses and significant others how much we genuinely adore them. And, trust us—nothing says “I love you” better than taking care of someone. That includes planning for all scenarios and making sure his or her needs are met—even if you’re not around. We know it sounds crazy, but maybe—just maybe—the most romantic thing you can do this Valentine’s Day is sign up for a life insurance policy.
The benefits of life insurance
Life insurance provides your loved ones with money—free from income tax—to pay for your funeral expenses, debt, estate taxes, tuition, or other bills. And, if you co-own a business, it also allows your partners to buy your share of the enterprise and avoid a forced liquidation.
You should also note that the government defers taxes on the growing value of permanent life insurance plans. You only pay them if you decide to cash out your policy before your death. You also can withdrawal or take out loans against the value of your coverage to help pay for significant expenses like college tuition or hefty medical bills.
The most common types of life insurance
Insurance companies offer many different types of life insurance so you and your family can find just the right fit. However, the most common include:
- Whole: A kind of permanent coverage, whole life insurance remains active during your entire lifetime, granted—of course—that you pay premiums. It can also build cash value.
- Universal: Universal insurance is a type of permanent insurance that includes flexible premiums, flexible face amounts, and unbundled pricing structures. It can also build cash value and earn interest at a rate that may adjust but is usually guaranteed to never fall below a certain point.
- Term: Term coverage is less expensive than permanent life insurance and provides protection for a certain amount of time. You can sign up for periods varying from one to 30 years, and sometimes, you can even convert your term insurance to permanent coverage.
The cost for term insurance is significantly less than whole life insurance, therefore we advise term life insurance more often because it provides the coverage for the period of time that you would need coverage the most.
Getting coverage today
Visit our online Life insurance Calculator and Life Insurance Needs Planner to get a better idea about what kind of coverage you need. Then, contact us at 270-554-2105 for a quote—and purchase a gift for your loved ones that will protect them and prove how much you care.