If you pass away unexpectedly, your loved ones could face severe financial hardship. Life insurance helps pay for costs associated with your passing. It’s a legal contract between you and your insurance company that guarantees the financial security of your loved ones.
What Does Life Insurance Cover?
Life insurance provides financial protection for your beneficiaries after you die. Here are some of the benefits included with most life insurance policies:
- Final expenses such as burial fees, funeral costs and other estate administration expenses
- Supplementary income for people who depend on your salary for their financial well-being
- Death taxes so your beneficiaries don’t have to pay out-of-pocket for your estate taxes
- Inheritance creation enables you to pass on wealth to your chosen beneficiaries
Contact Interstate Insurance Services to learn more about our coverage solutions.
What Type of Life Insurance Should I Get?
Finding the right type of life insurance is vital for ensuring your family’s financial security. There are two main types of life insurance to choose from, they are:
- Whole life insurance offers permanent protection. This policy will last as long as you continue making monthly payments. Additionally, a whole life insurance policy allows you to accrue cash value by borrowing or withdrawing cash from your life insurance policy.
- Term life insurance provides insurance coverage for a set amount of time. At the end of that period or “term,” your insurer will no longer offer death benefits to your beneficiaries. One major benefit to term life insurance is the cost, as it’s generally less expensive than a whole life insurance policy.
We’re here to help! Call Interstate Insurance Services to find out which policy is right for you.
Getting the Right Life Insurance
With over 30 years of experience, we understand that the right insurance policy can give you the peace of mind you deserve. Contact Interstate Insurance Services and speak to an agent today.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.