This is one of the most frequently asked questions in the life insurance industry! Honestly, the answer depends on two factors: What type of Life insurance you desire and the amount of insurance you would prefer. You might consider your budget, short-term and long-term goals that you are trying to achieve with this life insurance.
The 2 most popular life insurance types are:
Term Life Insurance
Whole Life Insurance
Are you interested in the lowest cost option?
Let’s say you just bought a house with your spouse. Well if you have a $400,000 mortgage, it is popular to get term life insurance matching the price of the home and the 15/30 year mortgage as well. This is going to stay with you for the life of their mortgage. If there was a premature death and then the surviving spouse would be able to pay off that house or sustain the lifestyle that you all had while they were living in that house.
Is your long term goal is generational wealth, succession planning, or an additional retirement income generator?
Permanent life insurance a.k.a whole life insurance (not to be confused with Universal /Flexible Life Insurance) would be the option for you. This plan allows your access to some of the death benefit while you’re living and additional benefits that can be tailored to your individual needs. Also, whole life is designed to leave a guaranteed tax free death benefit up until age 121! If you’re still kicking at 121 the policy will endow and you will get the policy value.
When you are ready to purchase a life insurance plan, you’re going to want to make sure that it is with a company that has longevity, and has a great track record. Ensure Financial Group specializes in offering smart insurance plans from companies that have been in business over 100 years, companies that help
you build wealth and transfer that wealth in order to leave a legacy. Contact us at EnsureFinancialGroup.com Find us on Facebook or give us a call 863-225-5650 today!
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