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Life Insurance




Life insurance is something to seriously consider as an important part of one’s financial planning and, even more importantly, it can prepare both you and your family for the most devastating of events. Should you be the breadwinner for your family and you suddenly pass away, how will your family be able to maintain the lifestyle of which they are accustomed? Will your widowed spouse be able to keep up payments on the family home? Will your children be able to attend college as you had planned? Anyone who is financially responsible for others should have such a policy. Usually one’s spouse and younger children will be the beneficiaries this kind of insurance policy. However, one can name anyone they like as a beneficiary.


Life insurance is designed to provide financial help should such an individual die. The payout can be utilized for funeral costs, left-over debt, even for proper estate planning. The policyholder generally will pay their monthly premiums and, in return, the insurance company will pay a specified amount when the policy is, unfortunately, put to use. The beneficiary has the freedom to determine how the money will be put to use. The benefits can also be designated towards a trust, which would then be paid out upon the terms agreed by those who are a part of the trust. 


Upon a policyholder’s death, the insurance company will need notification. Previously to any funds being disbursed, a death certificate must be provided. Beneficiaries will then be asked to sign some paperwork after which the face value of the policy will be disbursed to one or more beneficiaries. Note that the amount of the pay-out may be reduced by any money still owed to the insurance company. 


There are a few types of policies available. Whole life is considered the most popular kind and policyholders pay a premium charge that is determined from a battery of health questions and the amount of coverage desired. If you pay your premiums on time, the policy remains intact. Term insurance has some differences as it provides similar coverage but only for a certain period of time. For instance, should you have a 15-year term policy, you will be protected only during that span of time. After it elapses you would need to buy new coverage. Universal life offers similar coverage as whole life but there is an added option of investing a portion of the premium. This potentially can increase the benefit amount more quickly.