Putting whats important to you first
Dino C. Gavanes, CIC
Village Trustee at Village of Itasca, Illinois: Financial Advisor with Equitable Advisors
Questions you should be asking yourself
When buying life insurance, it may seem overwhelming. With so much information to consider, sifting through all the terms can become challenging. One of the main reasons people choose not to purchase life insurance is because they are fearful that they may not choose the right plan or make the wrong decision.
It is easier than you think. The confusion of life insurance purchasing can be simplified by answering two questions:
1) How much life insurance do you need?
2) What kind of life insurance is right for you?
3) We can help!
What is the right amount?
How much life insurance you need will vary based on personal and financial circumstances, but essentially you need enough life insurance to cover your obligations and desires after your gone. It is important to ask yourself the question of how much life insurance can you afford? A life insurance policy is not of use to you or your loved ones if you're not able to afford it. Start by looking at your existing financial needs and resources. You can make a good estimate if you consider your current financial situation and imagine what your loved ones will need in the coming years if your gone. It is crucial to make sure that they are secure and protected. We can help.
Term life insurance
Term life insurance provides coverage for a specific time period. Generally speaking, term life insurance offers the lowest premiums. If you have a term policy and die within that term, your beneficiaries will receive the payout. The policy has no cash value. Typical term policies are up to 10, 20, and even 30 years.
Permanent life Insurance
Permanent life insurance can last from the time you buy a policy to the time you pass away, as long as you pay the required premiums then your loved ones will be guaranteed protection. Starting a life insurance program when you’re young and healthy will allow you to enjoy a lifelong feeling of coverage at a low rate. Permanent life insurance offers a combination of life insurance protection, cash value accumulation, guarantees and income tax advantages.