life insurance clifton park ny

Life Insurance

Life Insurance is an important part of your overall financial plan. Your current and future income is critically important to your family’s financial stability. In many cases, if a wage-earner’s income is removed from the picture, the family won’t be able to meet their current financial obligations or future financial goals.

One of the most fundamental purposes of life insurance is replacing a wage-earner’s income.

This income replacement can be used to meet current and future financial obligations of the family. Mortgage Protection insurance is a term that is often used to describe life insurance purchased to pay for mortgage expenses. Your home mortgage is probably one of your largest bills each month and you can use a life insurance death benefit to either payoff the balance of the mortgage or to continue your regular monthly payments.

Final Expense insurance is a term that is often used to describe life insurance purchased to pay for final expenses. The cost of a funeral, headstone, burial, and other final expenses add up quickly and many people choose to use life insurance to make sure that their family is not financially burdened by these expenses.

There are many other reasons to purchase life insurance such as Education Funding, Estate Planning, Buy/Sell Agreements, and Debt Payoff among others. Every situation is different and it’s important that we customize a solution for your family’s specific needs.

Permanent Life Insurance versus Term Life Insurance

Permanent Life Insurance is coverage that is designed for you to keep for your entire life. It is most often used to cover final expenses, estate planning, and to leave a legacy to your loved ones. Commonly people refer to Permanent Life Insurance as Whole Life Insurance. Whole Life Insurance is just one type of Permanent Life Insurance. Universal Life Insurance is another common type.

Term Life Insurance is coverage that is designed for you to keep for a set time period, or term of years. Term Life Insurance is significantly less expensive than Permanent coverage because the insurance company is gambling that you’ll outlive the term period and they won’t have to pay the death benefit. Term Life Insurance is often used to cover things that have a set time period, such as your mortgage or to replace your income until retirement. The most common term time periods range between 10 and 30 years.

The death benefit paid by life insurance policies is paid tax-free in most cases. There are also many options that can be added to most life insurance policies such as coverage for children and a waiver of premium option if you become disabled, among many other options.

15+ Highly Rated Life Insurance Companies

Not sure where to start? Allow our a member of our team of licensed agents to help you narrow down the options and select a type of policy and coverage amount that accomplishes your goals.

Once we have agreed on the framework for the policy you’re looking for, we’ll price it out with the 15+ highly rated life insurance companies we represent to make sure we get you the best value possible.

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