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LIFE INSURANCE

Life insurance is designed to protect financially your beloved family and other people who may depend on you for financial support if you die. With Life insurance you can make sure that your loved ones, will continue their standard of living like before.

TYPES OF LIFE INSURANCE

There are many kinds of life insurance, but they generally fall into the following two categories based on their term:

Term Insurance
Term insurance is designed to provide protection for a specific period, and generally pays a benefit only if you die during that term. For example, a 10-year term or 20- or 30-year term Insurance. This type of insurance often makes sense when you have a need for coverage for a specific time. For instance, you may decide that you only need coverage until your children graduate from college or a debt is paid off, such as your mortgage.

Permanent Insurance
Permanent insurance provides lifelong protection. If you pay the premiums, the full-face amount will be paid upon the Insureds death. Because it is designed to last a lifetime, permanent life insurance accumulates cash value and is priced for you to keep over a long period of time.

It is difficult to say which type of life insurance is better because the kind of coverage that is right for you depends on your needs, financial situation and stage of Life.

 “Actually, Life Insurance is nothing more than a bag full of money, you left your loved ones to go on with their life in case you are not there to provide for them” – Savvas Christoforou

 Life Insurance is always paid by someone. Either by the person who loves and cares for their family when they are alive, or by their children if they die without Life Insurance

-Savvas Christoforou

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WHO NEEDS LIFE INSURANCE?

1. Children: Children do not need life insurance. Yes, there have been cases where life insurance for one’s child has been a blessing, but in most cases, children do not need life insurance since no one depends on income from them.

2. Beginning Families: Life insurance should be purchased if you are considering starting a family. Your rates will be cheaper now than when you get older and your future children will be depending on your income.

3. Families with Children: If you have a family that depends on you, you need life insurance now! This does not include only the spouse or partner working outside the home. Life insurance also needs to be considered for both spouses if both work so to cover the costs of replacing someone to do domestic chores, home budgeting, and childcare

4. Young Single Adults: The reason a single adult would typically need life insurance would be to pay for their own funeral costs or if they help support an elderly parent or other person they may care for financially. Otherwise, if one has other sources of money for a funeral and has no other persons that depend on their income then life insurance would not be a necessity.

5. Non-Child Working couples: Both persons in this situation would need to decide if they would want life insurance. If both persons are bringing in an income that they feel comfortable living on alone if their partner should pass away, then life insurance would not be necessary except if they wanted to cover their funeral costs. But, maybe in some instances one working spouse contributes more to the income or would want to leave their significant other in a better financial position, then as long as purchasing a life insurance policy would not be a financial burden, it could be an option.

6. Elderly: As long as you do not have people depending on your income for support, life insurance at this stage in life would not be necessary, unless again, you do not have any other means to pay for your funeral expenses.

Clarification
The information above may vary from Insurance Company to Insurance Company. Depending on the Insurance plan we will propose, we will give you all the relevant information required by the legislation so you can make your decision. Ask us today for an offer and, we will choose the most suitable package for your needs and budget.