Insurance for Families

Before you set your sights on a life insurance carrier, you have to to determine if the policies they’re offering align with your needs. When it comes to shopping for a life insurance policy, there are two all-important terms that you have to familiarize yourself with: term life insurance and whole life insurance.

When you were younger, you may have not considered a life insurance policy. But now that you have dependents, it’s important to consider who will take care of them if you die. Answer the following questions to determine if a life insurance policy is a wise investment for your future.

• If you are in a relationship where you and your partner both work, if something happens to one of you, can your family survive on one salary?
• If your spouse doesn’t work and would need to find a job, would she or he be able to afford childcare costs? Is there a way you can make sure your spouse won’t need to join the workforce?
• Families and couples can live much more frugally than a single person or a single parent with children. Could your spouse afford your home?
• Would your spouse be able to afford funeral costs of $6,500 (the national average, according to the National Funeral Directors Association), up to $10,000 or more?

These are all compelling questions to consider, and the answers can show you exactly why you need a life insurance policy.

The premise behind term life insurance is that it protects your loved ones by replacing your income in the event of your death. Children have no dependents, so typically, child term life insurance is not the best investment choice.

However, when you purchase term life insurance for yourself and your spouse, you are really purchasing it for the security and well being of your children. In many cases, if it was just you and your spouse, you could survive if something happened to one of you. Term life insurance is about securing your spouse’s future at the same standard of living in the event of your death and, most importantly, protecting and caring for your children financially even after you are gone.

Everyone likes a good guarantee in life, right? Guaranteed life insurance, sometimes called guaranteed acceptance life insurance, carries no financial risks.

If you have put off purchasing life insurance until after the age of 50, you may think it’s too late. But that’s not the case.  A life insurance company, such as Gerber Life, will insure you with a guaranteed whole life insurance policy between $3,000 and $15,000 if you are between the ages of 50 and 75..

Life insurance plans—just like families—come in many different shapes and sizes. It helps to understand the basic types of life insurance policies before you select the one that will best fit your budget and protect your family in case anything should happen to you.

Term Life Insurance Plans

The most basic—and most affordable—life insurance plan is term life insurance coverage. You purchase this coverage for a specific period of time. If you die while the term life insurance is in force, your beneficiary will receive the full amount of the policy. If you ever stop paying into the plan, you will lose any coverage, and the money you paid in.

Whole Life Insurance Policy

When you purchase a whole life insurance policy, you will pay set premiums through the life of the policy. Your insurance company will invest the money and whenever you pass, your beneficiary will receive the full amount of the policy. You may also receive dividends from your investment in a whole life insurance policy.

Gerber Life has a variety of life insurance plans to fit your family’s needs. Contact us for more information on life insurance plans.