With Life Insurance Awareness Month knocking on our door, we wanted to take a few moments to discuss one of the most important financial tools families have at their disposal—life insurance.
Life insurance protection is more than a policy you buy at a set amount and simply assume will work when you pass away. Life insurance is a financial asset that can be used to accomplish several different goals, depending on your budget and financial situation.
Why Choose Life Insurance?
Life insurance is a financial guarantee for your family. When you purchase life insurance protection, your family can file a claim when you pass away, recovering the full amount of the policy. However, life insurance also becomes an investment you can use now and in the future—even while you’re still alive to enjoy it.
Why Invest in Life Insurance?
Investing in whole or indexed universal life insurance allows you to grow the policy using overpayments. The more money you put into the policy, the faster it grows. You can withdraw this money early (with penalties) when needed. You may choose to borrow against the policy, but every time you pay more into the policy, it grows.
You’re not stuck with the set value of a term life policy, meaning you can do more with the money you’ve invested.
If you invest in term life insurance, you can purchase multiple policies, layering them to grow the overall value of your coverage. For example, you might have purchased $40,000 in life coverage 10 years ago, but now you have two other policies—$30,000 and $25,000—meaning that there is more protection for your family.
In short, you get to choose what you want, tailor coverage to your needs, and keep your costs as low (or high) as you like.
How Much Does Life Insurance Cost?
Life insurance is rated based on your age, health, the type of policy, and its overall value. You can reach out to our team for a quote right away. Plus, we’re happy to provide quotes for other types of policies. Building a portfolio of insurance coverage is safer and cheaper than paying out of pocket or leaving your family behind with a mountain of debts and obligations.
Plus, life insurance premiums come down to a few dollars a day, not nearly as much as you would imagine. Comparing quotes will help you make the best choice for your budget.
Contact The Budde Agency for More Information on Life Insurance Coverage
Reach out to our local team at The Budde Agency for more information when you want to purchase life insurance or layer coverages. We’re happy to help you leave behind a legacy for your family, and our expert team will provide guidance that leads to a more valuable portfolio of financial tools—instead of a myriad of random premiums.