Insurance is about safety. This comes in the form of very real financial protection for your home, your automobile, your valuables, or your business in the face of unforeseen events. Yet the most important type of insurance protects the most important investment: your life and the lives of your loved ones.
September is Life Insurance Awareness Month and those of us at Soucy Insurance want each of our clients and members of the community to know we are dedicated to helping provide every aspect of life insurance you may require.
Life insurance is one of the most important investments you will make during your lifetime. If the unexpected were to happen, life insurance will help protect those who depend on you for financial support. Life insurance will provide your loved ones with a source of income, and can help cover medical, legal, and funeral costs. Give yourself and your family peace of mind knowing they will be able to continue living comfortably and won’t have to worry about daily living expenses.
There are four main types of life insurance:
Term life – This is the most inexpensive form of insurance because there are no cash values or dividends. Term policies are purchased for a specific period of time such as 10, 15, 20 or 30 years. If an insured loved one passes away during that time period, a beneficiary is paid the dollar value of the policy.
Whole life – As the name suggests, a whole life policy is protection for someone’s entire life. Premiums, which insurance companies invest, stay the same during the life of the policy. There are cash values, and some companies pay policyholders’ dividends. The cost is higher, but it is considered more effective for estate planning.
Universal life – A valuable coverage and living benefit, universal life policy allows for more flexibility and is more of an investment vehicle, however, increased contributions may be necessary if the investment interest assumptions are not met.
Variable life – A variable policy offers more investment options than a universal life policy, with the policyholder having the ability to select the investment options.
Life insurance isn’t something we like to talk about, but often time the conversation gets put off for too long. To make sure your loved ones will be protected, call Soucy Insurance at 401.762.2218 to discuss which option is right for you.