What you need to know about life insurance in Hudson.
Are you in the market for life insurance? As a parent, spouse, and loved one, life insurance serves as a way to protect your family when you 're no longer able to do so. In the event of your death, life insurance will provide your family with a guaranteed cash lump sum or income for a fixed period. This allows them to conduct arrangement as planned (e.g., your spouse retiring) and takes the monetary stress out of grieving. If you 're new to coverage, here are the basics of life insurance in Hudson.
What is it?
Life insurance pays out a sum or regular income to your partner or family if you die within the policy €˜term ' €“ for this reason, it is also known as
term insurance. Another type of policy, known as
whole life insurance covers you for your entire life, rather than a fixed amount of time. Whole life insurance is also called cash-value insurance and is often considered a financial investment.
Getting the right policy.
With term insurance, you decide how long the policy runs for, (e.g., 10 years, 30 years), and how much is paid out if you die within this term. Your life insurance needs will depend on many factors, including whether you 're married, the size of your family, your financial obligations, and goals. Youngsters often believe that they don 't need a life insurance policy, but that is far from the truth. If you have dependents that rely on your income, life insurance can help. As your family and responsibility grow, the need for life insurance increases.
How much coverage should I have?
Experts reckon that ten times the annual income of the main breadwinner is a good €˜sum insured ' for any family. This allows plenty of breathing room if the worst happens. Although you or your spouse may have life insurance through work, bear in mind that it is often not enough coverage. Furthermore, the protection only stays with you while you 're with the company. Take active steps for your family by securing reliable life insurance.
The team at Lofgren Agency is here to help with all of your
life insurance needs.
Visit us today in Hudson, New York to get started.
