What Is Life Insurance?

Life insurance is a contract an individual has with an insurance company which provides their beneficiaries with money if the individual were to pass away. This type of coverage is based on the needs and goals of the individual based on their lifestyle and personal life.


For example, if you purchase a $100,000 insurance coverage, this is the amount the insurance company will pay out upon your death. Furthermore, this full amount of money will be given to the beneficiaries of your life insurance and it is tax-free.

Benefits of Life Insurance

Are you contemplating on getting life insurance? Make the right decision and protect your family today.

  • Income replacement – If your family relies on your salary, you can protect them financially with life insurance as it will provide salary replacement.
  • Repayment of debt – If you are covered by life insurance your family can maintain their current living status while not worrying about the payment of your debt.
  • Funeral expenses – Funerals are very expensive, thus being covered by life insurance will help your family cover the funeral costs.
  • Estate planning – If you are covered by life insurance, your family will be guaranteed financial support with capital gains and probate taxes.


Considerations When Purchasing Life Insurance

Are you planning to purchase life insurance? Here are a few things that you must consider when picking a contract.

  • The education costs of your children.
  • The amount of money needed to maintain your family’s current lifestyle.
  • Debts that you owe.
  • Taxes and other expenses.
  • Marital status.
  • Yearly salary and bonuses.
  • The ownership of any businesses that you participate in.
  • Investments that you have made.


Term & Permanent Insurance

If you are planning to purchase life insurance, it is important to know the difference between Permanent and Term insurance. Firstly, permanent insurance includes Universal Life & Whole Life Insurance. Whereas, Term insurance differs because it can be any period of time, from 1 year to 100 years.


If you are still confused about the difference between these two types of insurance, think of it like this. Term insurance can be thought of as “renting” whereas permanent insurance can be thought of as “owning”.


Why Choose Life Insurance?

Life insurance can lessen financial burden at a time when surviving family members are dealing with the loss of a loved one. It is a strategic financial tool that truly supports the needs of the individual’s dependents.


Purchase Life Insurance Today

Our life insurance policies are exceptionally flexible in terms of adjusting to the policyholder’s needs. Thus, our policies will allow you to protect and provide for your family, even if the worst happens.


So contact Keller & Associates Insurance Brokers today because we have the experts you deserve when it comes to planning your family’s future!