Life insurance has many benefits. A one-size-fits-all approach doesn’t apply to life insurance. Depending on the terms of your policy and the benefits, a life insurance policy can meet many needs. Term life insurance and whole life insurance are two forms of insurance that people can choose from when deciding on a policy. Our team at Patrick McNealis Insurance and Financial Group can help Emmaus, PA, residents choose a policy that best fits their needs.
What is life insurance?
Life insurance is designed to pay your chosen beneficiary or beneficiaries a lump sum of money when you pass away. People can invest in life insurance that will span their entire lives or invest in a policy for a set amount of time. An insurance agent can help you explore the pros and cons of each type of insurance. When you invest in life insurance, you pay a monthly sum every month. Some policies have living benefits or benefits that are available to you while you are still alive. If you fail to make your monthly payments, you void your insurance policy, and your beneficiaries aren’t eligible for a lump sum payment when you pass away.
I’m a renter and have few assets. Should I invest in life insurance?
Even if you don’t have many assets, life insurance can still have benefits you can take advantage of. If you name a beneficiary, the lump sum they receive can pay for your final expenses and any other expenses you may have. This can be helpful if you’re worried about leaving your family with bills or with a costly burial. Life insurance can provide final expense payments and burial as a benefit. If you have questions about life insurance, call us. We’d be happy to answer them.