Buying life insurance is like fixing a leak in your roof, the longer you take the more expensive it gets.
The premature death of a family’s breadwinner can be a financially devastating event if proper protection planning has not been done. Without the necessary life insurance coverage, premature death could leave the client’s survivors with no money for other aspects of investment planning, such as college funding, retirement planning, or even for the basic necessities of life.
What is Life Insurance?
In technical terms, life insurance is a contract between an insurer (a life insurance company) and a policy owner. A life insurance policy will guarantee that the insurer pays a sum of money to named beneficiaries when the insured person dies in exchange for the premiums paid by the policyholder or insured person during their lifetime.
What is the Importance of Life Insurance?
Life Insurance is a financial cover for any exigency linked with human life, like death, disability, accident, etc. Life is unpredictable and prone to risks of death and disability due to different causes. To make up for the loss of income and to support the dependents, life insurance is a must. The significance of Life Insurance can never be overstated as it can:
- Help in Financially Protecting Your Family
- Replace Lost Income
- Assist your loved ones to Pay Off Debt
- Cover Funeral Expenses
- Support to Pay for Future Education Expenses
What are the principal types of life insurance?
The two major types of life insurance are Term Life Insurance and whole life insurance.
Whole life insurance is also called permanent life insurance. Whole life insurance covers for the whole life of the insured provided they keep paying the premiums.
Term life insurance covers only for a limited number of years. Term Insurance is the simplest and most popular form of life insurance. It pays only if death occurs during the term of the policy, which in most cases is from 1 to 30 years.
Who needs Life Insurance?
Anyone who has a family to support should get life insurance to offset future income loss and financial crisis in case of any contingency.
How much Life Insurance does one need?
Your Life Insurance coverage will depend on factors such as
- The number of dependents
- Funds needed for your child’s education
- Other investments
- Family Lifestyle
- How much can you afford to pay for insurance premium
- Best Life insurance policy
We at EZ Online Service offer New Jersey, New York, Connecticut, and Pennsylvania residents life insurance from some of the best insurance companies.
Let EZ Online Services help you choose a policy that will fit your needs. Protecting all your assets, whether business, personal or both, is our primary goal. An insurance policy chosen by an expert can lessen the impact of some of life’s most common, yet unforeseen accidents.
Give us a call today for a no-obligation chat and we will understand your unique situation and then suggest a plan that works for you.
