Why Buy Life Insurance
Regardless of how old you are, life insurance is a smart way to keep your family safe. Occasionally tragedy strikes and you should be able to help your loved ones with additional resources if it does. Contact REAP Financial to learn more about our life insurance services.
How Does Life Insurance Work?
Life insurance is a contract between an individual and an insurance provider. The policy holder gives an agreed upon amount, also called a "premium", regularly, and in return the company pays a cash sum to the chosen beneficiaries under specific circumstances usually at the policy owner's time of death.
Kinds of Insurance
In general there are three kinds of life insurance to opt for: term, whole and universal. When it comes to term vs. whole life insurance, it's important to understand the facts.
Term life insurance is paid during a set period of time, and the payment to your heirs only lasts for a set period. Whole and universal life insurance are the two most common kinds of life insurance. They are permanent plans, guaranteed to last the full duration of the policy owner's lifetime. If properly established, there are many advantages to universal or whole plans, including quick access to saved resources, while also keeping cash value, because it makes for tax-advantaged growth of wealth.
Both kinds of life insurance have their share of pros and cons. The experts from REAP Financial of Austin will help you figure out which policy works best for you and your family.
Life Insurance and Financial Benefits
Every investment program has its share of pros and cons based on every customer's particular history. Financial experts can help you select the most fitting life insurance policy to reach your goals over the next few decades.
Do I Need Life Insurance?
- Your family can pay for funeral arrangements without expense to themselves.
- Covers any surviving children or dependents at home.
- Pay off mortgages and other additional expenses.
If you want to learn more information related to life insurance and how it protects your loved ones, contact REAP Financial near Austin now.