Life Insurance for the Whole Family
By Sherry Lile
What are the different types of life insurance that you can get for your family? What are the differences between those?
The two most used life insurance products are Term Life and Whole life insurance. Term life is the cheapest of two coverages, most often written for a term of 10, 20 and 30 year periods. It’s like renting a policy. When the period is up the payments stop and coverage goes away. Whole life permanent coverage is a little more expensive but the coverage will last a lifetime. The earlier you start this coverage the cheaper the premiums. Part of the premiums go into a separate account that accumulates money that you can borrow from or make a withdrawal. This policy is definitely an asset.
How old does a child need to be to have life insurance?
I recommend whole life policies as the choice for children. The policies can be written starting at 3 months and offer them the most affordable life long protection while building the cash values. At the age of 18, you can pull that cash value out to use for college tuition, buy a car etc.
Why do you feel life insurance is an important thing to have for your loved one ?
Losing a loved one is a devastating time during your life. You not only lose that person but you also lose the financial protection that person provides. Life insurance gives you the peace of mind knowing your family is protected if you are gone. There are final expenses to be paid, funeral costs and possibly medical bills. House payments, car payments, groceries, utilities and college expenses all continue during the loss of a loved one. Make a plan now to protect your family.
Why do you feel that having it for a child is important?
Think of life insurance as an investment for your family. If you have your children covered they have a policy they can carry into adulthood that will never go up in cost and provides cash if they need it. It also teaches your child at a young age some financial responsibility.
Why is insurance so important to you?
I started in the insurance industry 30 years ago. My dad was an agent and I loved seeing him work in the office and hearing him talk to clients. My brother also is in the business. He made quite the impact on us both.
Sherry Lile has been protecting families for over 30 years. Contact her today for a financial review.
Phone: 903.824.1819 Email: [email protected]
