Do you ever wonder if your family would be financially secure in the event of your passing? The Ruddy Insurance Group, which serves the area in and around Niles, OH, could help.
The death benefits your loved ones would receive can help pay off the mortgage, debts, and final expenses.
Life insurance is for everyone. If you think you are too young to need it, think again. Accidents and illnesses can occur to anyone at any time.
There are two kinds of life insurance: term and permanent. With term life, you pay a certain premium for a defined amount of time, for example, ten years. If you pass within that time, the death benefit amount is paid to your beneficiaries. But when the term ends, you must get a new policy. A permanent or whole-life policy lasts your entire life.
Benefits of term life:
- Lower cost
- Easy to understand
- It can be converted into whole
- If you no longer want it, you can discontinue it without losing anything other than the premiums you have already paid
Benefits of whole life:
- It is permanent life insurance
- It has a savings element, or cash value element that you can borrow against or withdraw
- Can provide estate planning benefits that have tax advantages
Typically, it is best to purchase life insurance when you are young and healthy. The rates will be lower because:
- Longer life expectancy
- Less likely to have a severe disease
- Premiums will likely be paid for more years
Don’t leave your loved ones wanting. The death benefit that a life insurance policy could provide will help your family at a time when they need it. Ruddy Insurance Group can give you a no-obligation quote and answer any questions. Contact our team today. You will be glad you did.