Throughout the month of September we have been discussing with a lot of our customers the topic of life insurance and why it is such an important thing to do for your family. If you are thinking about a policy, that is great! But maybe you are wondering what kind and how much you need? There are two types of life insurance, term and whole life/permanent insurance.
Term Life Insurance
Term insurance only pays if death occurs during the term of the policy, which is typically 1 to 30 years. Purchase an amount that your family would need to replace your income and help your family pay for the day to day living expenses that you help pay for now.
Term life insurance may be the best option for you if you need life insurance will end around the time that your life insurance policy expires. If after 30 years your kids will be on their own and your debt is paid down, choosing a term policy will help cover just those years when your family will need the most help paying the bills and provide for their day to day needs.
Whole or Permanent Life Insurance
Whole life or permanent pays whenever you die, no matter how long you live. Whole life may be the best choice fo ryou if you have a lifelong dependent, such as a child with special needs or want to equal out inheritance for your child. For example, if you leave a farm or a business to one child, whole life insurance could compensate your other children.
The best way to guarantee you have the best policy to meet your needs is to schedule a time to talk with us.
Contact us today at Farmers Union Insurance – the Harmoning Agency in Franklin, Minnesota.