Losing a loved one is an emotionally devastating time for the whole family and when the loved one is the bread-winner, it can place a financial burden on the survivors. Just paying everyday expenses be come very difficult to accomplish each month.
Families that buy life insurance do so to help ensure their loved ones are taken care of financially and saved the burden of the worry of how to pay for college and the mortgage. Life insurance is a promise by the Insurance Company to pay those left behind a sum of money upon your death. To guarantee this payment, you make periodic payments to the Insurance Company (premiums). The premiums are based on how much insurance you wish to buy, your age at the time of purchase, gender and medical history.
In the event of your death, your life insurance provides money directly to your beneficiaries (individuals you selected personally). They can use the money however they see fit, including for:
Planning for how much life insurance you need means taking into consideration:
None of this is an exact science, but you can always get help from a professional. At Preferred Insurance Solutions we are happy to help guide you through the process of planning for your financial security. Call us today.
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