Life insurance is a significant addition to your portfolio that help can protect your loved ones. And your beneficiaries if you unexpectedly pass away. While no amount of money can ease the grief of losing someone, life insurance can reduce the financial burden they may face. Let’s take a closer look at how life insurance works and what to consider when you shop for life insurance so you can make an informed decision before purchasing life insurance.
Life insurance can be used to help your beneficiaries pay for your funeral costs and a variety of other expenses, including:
It’s important to note that life insurance benefits will not apply if your death results from suicide, criminal or hazardous activities, or murder by a beneficiary.
There are numerous types of life insurance products on the market. For example few of the most common types include:
The type of policy you select should depend on how much you want to pay and how long you’d like your coverage to last. Remember that your age, gender, medical history, nicotine use, and dangerous hobbies may all play a role in how much you pay for life insurance. Generally speaking, the healthier and younger you are, the less expensive your policy will be.
Life insurance company ratings reflect the opinions of independent agencies like A.M. Best, Fitch, and Moody’s. Each agency has its rating scale and standards. A.M. Best, for example, looks at the balance sheet, performance, and business profile of the companies it rates. Its six ratings include
Before purchasing life insurance understand a company’s policy, consider their rating from at least two agencies.
In conclusion, together you and your financial professional can review your financial situation. Together we can determine your situation’s ideal life insurance policy. Contact your financial professional to get started today.
Disclosure: The sources used to prepare this material are believed to be true, accurate and reliable, but are not guaranteed. This information is provided as general information and is not intended to be specific financial or tax guidance. When you access a link you are leaving our website and assume total responsibility for your use of the website you are linking to. We make no representation as to the completeness or accuracy of information provided at this website. Nor is the company liable for any direct or indirect technical or system issues or any consequences arising out of your access to or your use of third-party technologies, websites, information and programs made available through this website.
In addition, Kappell Wealth Strategies specializes in providing strategies and guidance for those who are seeking a better lifestyle in retirement. If you have retirement savings of five million dollars or $50,000, we can ensure it works as hard. As a result, we offer our experience and knowledge to help you design a custom strategy for financial independence. Contact us today to schedule an introductory meeting!