It is estimated that four in ten Americans do not have enough life insurance. This fact ignores that the best way to protect your family is by purchasing Life insurance. What are the best life insurance options? The Sanford Group Ball Ground, GA know life insurance options based on one’s needs.
TERM LIFE INSURANCE
Term life insurance is recommended if you are young and in good health and want the insurance for a given period or time. A family with young children, a twenty-year term life insurance makes sense. A college education can be paid or if there is a debt owed for a fixed period the insurance can pay off the debt. If you are older and need a significant amount of life insurance, and your budget cannot be stretched, this policy pays off upon your death but only during the term of the policy. Now debt free, and still alive, a new or a renewed policy can be purchased after the term ends.
PERMANENT LIFE INSURANCE
Unlike term life insurance, permanent insurance protects the length of your life accumulating a deferred cash value, which is in force with the continuation of payments. A "convertible" term policy would be appropriate in case your financial needs have changed. You are allowed to convert your policy to permanent insurance. Premiums are lowest when you are young and increasing upon renewal.
A permanent life insurance is best if you need life insurance for as long as you live. A permanent policy pays a death benefit, and as you age, you will accumulate a savings element which grows on a tax-deferred basis permitting borrowing. The Sanford Group Ball Ground, GA will describe in further details these insurance products, please call now and ask for an appointment!