You’ve heard the saying, “tomorrow is never promised”. None of us knows what the future holds, and that’s why life insurance isn’t just a financial product, it’s love insurance.
Imagine the shock your family would face if you suddenly passed away, and didn’t have life insurance. Not only would your loved ones be faced with burial expenses, but also with the reality that they probably cannot afford their current lifestyle. Without life insurance, expenses can quickly become overwhelming and add more stress to an already emotionally stressful time.
Why risk putting your family through that? Life insurance ensures that your family is protected, and funds are available when they need it most.
Types of Life Insurance: Finding the Right Fit for Your Budget and Needs
Life insurance is NOT a one-size-fits-all. At Brightside Financial, we help you navigate the many options, so you get the coverage you need for your budget and goals.
Term life insurance is the most affordable option. But just as the name suggests, the coverage is only effective for the pre-selected time period such as 10-years, 20-years, or 30-years. If you pass away during the term, (and premium payments have been paid) your beneficiaries will receive the death benefit. However, once the term expires, the coverage ends.
Term insurance is the most cost-effective way to put large amounts of coverage in place for the smallest amount of money for a specific period of time. The downside is that at the end of the term if you are still alive, the coverage ends.
Permanent life insurance costs more, but it takes the equation of “if” I die to “when” I die. Just like the name “permanent” implies, this is coverage that you maintain for life. Not all, but many permanent life insurance policies can be structured to overfund the policy to take advantage of tax code 7702. This tax code allows funds in excess of the cost of insurance to be applied to a separate account to accumulate cash value.
This cash value can be borrowed against or withdrawn tax-free during your lifetime and used for anything from emergencies to supplementing retirement income.
At Brightside Financial, we specialize life insurance policies which include living benefits. This is a feature included in both term and permanent policies which allow you to access a portion of the death benefit if you become terminally ill, chronically ill, or critically ill.
This can provide an enormous amount of relief if you become severely ill or injured to help cover medical bills, household expenses, or anything else. This allows you to focus on healing instead of worrying about finances.
Why Choose Brightside Financial for Your Life Insurance?
We are an independent agency which means that we can match you with the best insurance company based on your unique goals. The founder of Brightside Financial came from a family where her father passed away when she was little and the family struggled financially. Life insurance is not just about selling policies; it’s about creating security and peace of mind for you and your loved ones. We’re here to help you navigate the complexities and help ensure you get the right coverage.
Don’t Wait to Protect What Matters Most
Many people don’t believe that it’s possible that something could happen to them until it’s too late, or until they see it happen firsthand to their friends or family. For most, it seems like a “tomorrow” kind of problem. We’ve all got responsibilities and problems to deal with today, so it seems like something that can wait, but don’t delay. The best time to buy life insurance is today! Life insurance is based on your age and your health, so don’t wait! You will never be younger than you are today.
Learn More and Get a Free Consultation
Please don’t try to do it on your own. Sure, there are websites out there where you can get quotes and apply without interacting with a human, but this is too important of a decision to do it alone. This is a situation where what you don’t know can really hurt you. At Brightside Financial, we are financial professionals who will not try to sell you more coverage than you need. You ultimately make the call on which type and how much coverage you would like, but we will provide a recommendation based what your goals are. We are not pushy or salesy, but we will provide you the information you need so that you can make the best decision for your family.
References & Resources
- Life Happens – Life Insurance Basics
- Investopedia – Term vs. Whole Life Insurance
- IRS – Tax Benefits of Life Insurance
- National Association of Insurance Commissioners – Living Benefits
Contact us today at (214) 991-5566 or Barbara@GetOnTheBrightside.com for your free consultation.
