Sandeep Bajwa- Insurance Advisor

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How Life Insurance Can Be Used:
Life insurance can be an estate planning tool, an investment vehicle, or simply a way to replace lost income in case of unexpected death. Some people purchase life insurance to establish an inheritance for their children or as a strategy to donate to a favorite charity.

Unlike other types of insurance coverage, there are no restrictions on how death benefits can be used. Life insurance beneficiaries are free to use the money as they see fit. Many people invest in life insurance to replace the income they provide for their families, so their financial needs are met, including:

-Funeral, burial, and end-of-life expenses
-Personal debts (loans, credit card bills)
-Mortgage payments
-College tuition
-Daily expenses, such as food, gas, clothing

If you have a permanent life insurance policy that builds cash value, you may be able to use it to cover expenses while you are still alive. For example, you could borrow against it to cover the down payment on a home or your child’s college tuition. Borrowing against the cash value could reduce the amount of the death benefit.

Different Types of Life Insurance
The best type of life insurance for you will depend on your financial situation, your reason for buying a policy, and your investment goals. The basic types of life insurance are:

Term: This type of policy lasts for a specified time period, typically 10, 20, or 30 years. During the term, you make fixed premium payments for a guaranteed death benefit. Coverage terminates at the end of the term. Some insurers will allow policyholders to extend their coverage or convert to permanent life insurance.

Permanent: As long as you pay your premiums, coverage with a permanent life insurance policy continues for your entire life. In addition, permanent life insurance can accumulate cash value. It is more expensive than term life insurance.
If you are considering life insurance, contact our knowledgeable agents. We can get you the best quote for the coverage you need.

Do you have someone whom you could rely on to help your family financially in your absence?

If not, you should consider getting Life Insurance. Be prepared for unforseen circumstances.

or me today with your , and for a free Life Insurance quote.

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