JULY 2, 2020: Even without a global health pandemic, having life insurance and looking into life insurance rates are important for any individual. While we can’t predict when our time is up on this earth, we can control how much of a payout we leave behind with a life insurance policy. So, how much life insurance should you have?
Here’s a closer look:
Life insurance is an agreement where an insurance company will agree to pay a specified amount after the death of the insured party as long as the premiums are paid and updated. Policies give insured persons the assurance that their family will have finances to fall back on in the event of their death.
Life insurance is divided into two categories: term and whole. Whole Life will provide insured parties with a cash value, taking the premiums that are paid and investing them. Term Life Insurance pays out if someone dies within a certain time period.
There are, in fact, some people who won’t opt to purchase health insurance because they think they don’t need it.However, having a life insurance policy is a great way to leave a legacy to your favorite charity or institution. But for those with a family, a spouse, those that are a legal guardian of a minor and so forth--they would best benefit from a life insurance program.
A major part of choosing the right life insurance policy comes down to how much money dependents will need after the insured party has died. So, how much life insurance do you need? That depends. Choosing the benefit amount a policy pays if someone dies depends on a few different variables:
At National Catholic Society of Foresters, we pride ourselves on giving back to the communities that we serve by providing quality and comprehensive insurance solutions. We are a not-for-profit life insurance Society, which means the sales from these financial service products help fund member benefits along with social, educational, and volunteer programs designed to respond to community needs.