September is Life Insurance Month

September 14, 2020

Here are a few things to consider in the coming weeks:

Life insurance is your financial safety net.

Life insurance can help your family maintain the lifestyle they're accustomed to and provide longer-lasting financial security. A life insurance payout can be used for everyday expenses, retirement savings, or just about anything else your family may need.

Of those surveyed, 25% say one of their biggest concerns is leaving financial burdens to loved ones if they pass away. Life insurance exists to ease those worries. Quote life insurance today and see how your family could be better protected.

Types of life insurance:

Life insurance consists of two basic types: term and permanent. Term insurance is less expensive and has a set timeframe. Permanent life insurance lasts your entire lifetime (assuming you continue to pay the premiums) and is divided into two sub-types: whole life and universal life. Picking which type is best for your family depends on several factors, including your budget and how the funds are accessed.

While permanent life insurance is generally more expensive than term life insurance, permanent policies can guarantee there is money for your kids and possibly your grandchildren. Benefit amounts range from $50,000 to more than $1 million and are paid even if you live past 100. A term life insurance policy, by comparison, covers you for a set amount of time.

What can life insurance cover?

When you pass away, the beneficiary (or beneficiaries) on your life insurance policy is the recipient of your death benefit. The amount of money they receive depends on the plan you choose, but the funds can be paid in one lump sum and be used for various expenses.

https://www.progressive.com/life/