WHAT DOES LIFE INSURANCE COVER?
In life, we all have people we care for deeply and who depend on us in everyday life. Big life events like getting married, having children, or seeing a loved one fall ill may cause you to think more about your responsibilities and obligations to others. Whether its family or close friends, we all want to rest assured that if something were to happen to us, the people we are closest to would be taken care of.
While we can never be certain of just when we might pass on from this world, life insurance can guarantee that your loved ones will be cared for whenever that time comes. Life insurance policies can help secure the future of those you leave behind, offering a tax-free death benefit to your beneficiaries upon your passing.
This benefit may cover expenses such as debt, funeral costs, estate taxes, and other financial obligations. Life insurance policies may also protect a business you own from being liquidated after your death, as your fellow business partners may be able to purchase your previously owned stake in the enterprise.
Types of Life Insurance
Term Life Insurance- Unlike whole life insurance, this policy only lasts for a fixed term of anywhere from one to twenty years. Since it does not last indefinitely, term life insurance policies are cheaper than whole life insurance and are a good entry point for newcomers to life insurance.
The exact type and amount of life insurance you could carry depends on your specific circumstances. Factors such as the size of your estate, your health, and others all impact your life insurance needs.
Luckily, we at Kentucky Shield our experts at shaping life insurance policies to fit your specific situation. If you’re looking to purchase life insurance, or review and potentially expand an existing policy, get in touch with us today, and one of our agents will work with you to make sure your loved ones’ future is secure.