Life insurance policies help provide security to either you or your beneficiaries after you pass away or after a designated period of time. With a life insurance policy, you can help secure your family’s financial future by leaving a legacy to heirs, paying for college, paying off a mortgage, covering any final expenses or estate taxes, and more.
There are two main types of life insurance – term life insurance and permanent life insurance. Term life insurance simply covers you for a specified amount of time (10, 20, and 30 year policies being the most common). Permanent life insurance can be broken down into three types: universal, whole, and variable.
- Term life insurance can be used to replace lost income. This can provide a safety net for your family and help them meet their financial goals.
- Whole life insurance can be used as an estate planning tool to help preserve the wealth you plan to hand down to your beneficiaries.
- Universal life insurance offers flexible payment options, death benefits and cash value.
- Variable life insurance offers whole life protection and an investing component similar to a mutual fund.
Panther Financial Services can also help you get set up with Final Expense Insurance & Legacy Planning if you are looking for solutions to protect, leverage or transfer assets with continuity and tax efficiency.