The Assurance of Life Insurance

If something happened to you as the main provider, what would happen to your family? Would your death bring more than just emotional grief? Would your spouse and kids be able to make ends meet financially? Could they pay the mortgage and other bills? Would the kids still be able to go to college? You don’t want your family to be overburdened, which is why life insurance is so important.

In reality, you could call life insurance life assurance. Life insurance assures that your life is covered in the event of your death. It assures that your family will be taken care of as well.

Even if you have life insurance through an employer, chances are you're not covered sufficiently. Employers’ coverage is typically limited to one year’s salary. The general guideline for life insurance coverage is to have between five and ten times your annual salary. Other guidelines suggest being covered for double what you owe on your home. Both guidelines ensure a more comfortable level of financial security for loved ones left behind.

What type of life insurance should you look into?
The two main types are term and whole. Term is the less expensive of the two options and covers you for a specified term, often 15 years. When the term expires, your payments cease and you are no longer covered. At that point, you may need to take out coverage once again if you still owe on your home, have higher education or other expenses that may still pose a hardship for our spouse and/or family in the event of your death. Whole life insurance is more expensive and provides coverage for the whole of your life. It’s also available with an investment element.

If you're wondering what type of life insurance would be best for your particular situation, set an appointment with the Vantage Investment Services Group for a complimentary analysis of your financial situation and potential needs.