Life Insurance Overview
It’s hard to say where and when most of us got our information about life insurance, but one thing is certain... not everything you may have believed about life insurance applies to what it is today and what it can do for you in the future.
No matter how old you are now, you probably have retained several ideas about life insurance from the information your parents explained to you when you were very young, from something you’ve read online, in a direct mail advertising piece or even from seeing a TV commercial, or perhaps you’ve actually spoken with an insurance professional. The subject of life insurance is, first of all, not really exciting for most “non-insurance professionals” to discuss, and, second, life insurance isn’t something most of us want to think about anyway!
When most folks think about life insurance, they usually think about the amount of the “death benefit” – how much money they are going to leave to their spouse, children, grandchildren, or other heirs. However, there are many more uses for life insurance than just the "death benefit".
We all can agree that planning for the financial well being of our families is certainly a subject we should give some serious thought to. And that’s the purpose of the following information – a serious though not complicated look at “the truth about life insurance” and why it’s important to you.
The kinds of life insurance, however, fall into two (2) categories – “term” and “permanent,” and within each category are several different “types” of insurance. People choose to buy one or more of these types of insurance depending on their personal life situations, for example: Do they have family members they want to care for financially after they die? Is there a charity they wish to fund with money – a worthy cause, such as a church, school, municipal project (like a park or a community center)?
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