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Life Insurance and Why It Matters

Most of us do not want to think about life insurance, but it’s important we do. Life insurance is meant to help alleviate the financial burdens families face after the death of a loved one. Depending on the type of life insurance chosen, the coverage may help cover expenses such as:

  • Funerals, burial and cremation
  • Rent or mortgage payments
  • Groceries and other living expenses
  • Car payments
  • Credit card debt
  • Attorney’s fees, funeral director fees and other administrative fees associated with a will, estate or trust

So how do you choose a life insurance policy?

Term life insurance provides death benefits to your family — covering funeral expenses, burial, cremation and administrative costs. Because it is a “term” policy, you choose the length of time you want to be covered. If you live past that term and do not renew the policy, you and your loved ones can lose the benefits.

While the premiums for permanent life insurance are higher, this type of policy covers you and your loved ones for an indefinite amount of time, with benefits guaranteed as long as you live. This type of coverage also provides more benefits.

Contact Compass Insurance Services to explore life insurance options.

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