Stress Less About Your Future with Life Insurance

What Is Life Insurance?

Life insurance is a way to financially protect your loved ones if you pass away. It provides a lump sum payment—called a death benefit—to your chosen beneficiaries, which can help cover major expenses like housing, education, and daily living costs.

To get life insurance, you purchase a policy from an insurance provider and name the people (usually family members) who will receive the benefit. In return, you pay regular premiums. The amount you pay depends on your age, health, lifestyle, and the amount of coverage you choose. Some policies allow you to build up cash value over time, which you can use to pay premiums or access if needed—offering some flexibility for your future finances.

Do You Need Life Insurance?

The answer varies, but many people do benefit from having life insurance. Think of it like home or auto insurance—it's not pleasant to think about, but it’s essential.

Life insurance could be right for you if:

• You want to ensure your spouse or family is financially secure if something happens to you.

• You have kids (or are expecting) and want to protect their future.

• You’re looking for peace of mind about your family’s financial stability.

• You have debts you don’t want to pass on to others.

• You’re paying off a mortgage.

• You own a business and want to plan for a smooth transition.

If any of these apply, life insurance is worth considering.

What Type of Life Insurance Should You Get?

There are two main types of life insurance: term and permanent.

• Term Life Insurance:This is coverage for a set number of years—usually 10, 20, or 30. It’s popular with younger people because the premiums are lower, especially if you’re healthy. It’s ideal for temporary needs like supporting your family until the kids are grown or covering a mortgage. Just keep in mind that if you want to extend your term later, the costs may increase dramatically. Term insurance typically does not build cash value or allow extra contributions.

• Permanent Life Insurance:This covers you for life and comes with higher premiums up front, but it can be more cost-effective over time. Permanent policies often grow a cash value—which accumulates on a tax-deferred basis—that you can borrow from or withdraw (though withdrawals may be taxed). Upon your death, this cash value may increase the benefit your family receives.

Layered Life Insurance Plans

Not sure which type is right for you? You’re not alone. Many people choose a layered approach—combining both term and permanent insurance to create flexible, affordable coverage.

A blended plan allows you to meet current needs on a budget, while building long-term value. This approach is especially useful for young families who may need significant coverage but can’t yet afford full permanent insurance. As your income and financial goals change over time, you can gradually shift more of your coverage from term to permanent.

Final Thoughts

Life insurance isn't just about preparing for the worst—it's about creating financial peace of mind for those you love. Whether you're just starting out or reassessing your current plan, the right life insurance strategy can help secure your family’s future.

Talk to a trusted advisor to find the right coverage for your needs and budget.