Insurance
Many people do not like the idea of addressing their own mortality, and that’s completely understandable – but if you’re going to behave responsibly and effectively with regard to your finances, it’s not something you can afford to ignore. Millions of people throughout the United States invest some of their hard-earned money into life insurance, but others simply prefer to ignore this vital asset. There are a whole host of reasons that you might want to get life insurance sorted out, a few of which we’ll run through below, yet there are many different options to choose from, should you pursue that course of action. At Myles & Company the Los Angeles Financial Coach, we’ve got extensive experience with insurance, and we’re more than happy to advise our customers on the soundest way to proceed moving forward. Below, you can uncover a few of the considerations relating to securing insurance, and understand just why we’re the ideal choice for your situation. For any additional questions, our customer service representatives are available over the phone or online.
Why Does Insurance Matter?
Many people don’t see much of a need to secure life insurance for themselves, but with a little examination it becomes quite clear that there are plenty of reasons to invest in life insurance. For those with families, it is especially essential. The likelihood is that your family will have a number of financial commitments currently, and those commitments will continue to exist even after you’re gone. If your family doesn’t have much earning potential without you, they’ll struggle to cover those costs. With life insurance, you can feel relaxed knowing that they will have the financial clout to deal with any costs that come their way.
Term Life Insurance or Final Expense
There are two kinds of life insurance policies, term and whole. Term life insurance is where you secure a policy that provides coverage for a set number of years. This is usually for between 10 and 30 years. Sometimes referred to as “pure” life insurance, term life insurance is only designed to give out a cash payment to your beneficiaries, should you pass away. Whole life insurance provides coverage for the rest of your life, as long as you manage to keep up with premium payments. There’s a cash value component to whole life insurance that can make it an attractive proposition for specific situations. Final expense insurance is a type of whole life insurance designed to cover medical bills and funeral expenses when you pass. A final expense policy is also known as burial or funeral insurance and is popular with seniors.
Assessing Your Situation
It might be hard to know which is the best choice for your situation out of these two options, but if you come to our organization, you won’t need to make that choice on your own. We can give you the financial literacy required to understand which type of life insurance is the right option for you.
Getting Prepared
A lot of people avoid dealing with life insurance matters because it’s unpleasant to think about the possibility that you’ll need it, but that’s not a rational approach to wealth management. Take a prudent, proactive approach and make sure that any of your beneficiaries are going to be looked after in the event that you’re no longer with them.