Life insurance can be like making Lemonade

When life gives you lemonsLife can be bitter like lemons. Don’t wait for the chance to make lemonade out of a bad situation. You can and should be prepared with the right kind of life insurance coverage.  There are several types of life insurance plans for each individual: term life insurance, burial life insurance, guarantee issue life insurance, whole life, and universal life, to name a few. Let’s discuss today how a customized plan will fit your needs.

The first part of any good life insurance plan is figuring out your individual needs, this consists of your agent asking the right questions for find the right solution for you.  This will be based on your family size, what are your goals when you pass away.  Do you want the house to be paid off? Do you want college plans for children? Is your spouse or long term partner able to survive on one income? Child care can be expensive, should you budget to cover this additional cost? Do you want to give a benefit to a charity when you die? This is just some of the many questions your agent will cover with you.

Based on the answers to some of these questions your personal agent at Thomas and Associates, will recommend a plan that is the right fit for you.  Below we have a brief description of the different choices:

  • Term Insurance – is a short term life insurance plan, for a set period of time 10 year, 20 years, or 30 years.  This can help for short goals such as a mortgage, child care, or college
  • Burial Insurance – also known as guarantee issue, it can consist of a low value policy that just covers the cost of a funeral
  • Guarantee Issue – frequently referred to as burial insurance, these policies are normally for people that have a medical condition that is difficult to get coverage for, such as: uncontrolled diabetes, COPD, or other serious medical conditions
  • Whole Life insurance – this policy never expires as long as the premiums have been paid, there is a cash value in the policy and can be used with a combination of other policies
  • Universal Life Insurance – is based on a growth through investments and can be cheaper originally than a whole life policy but if not funded properly can actually cost more over a longer period of time

This is just a small description of the types of policies out there to help you when the time comes for you to leave benefits to your family.  Make sure that you have the right plan to be there when you go.  Let us help you make lemonade! Talk to your agent today at Thomas and Associates.