If something were to happen to you, how would your family be affected when you’re gone? Would they be able to maintain their current lifestyle and stay in their home? Who else would be affected?

Life insurance provides a death benefit to your beneficiary or beneficiaries when you pass away. This tax-free benefit can cover expenses like:

• Funeral costs
• Estate taxes
• Debt
• Tuition
• Other financial needs

If you are a part-owner in a business, your policy may also enable your business partners to buy out your interests, preventing the liquidation of an enterprise you worked hard to build during your lifetime. Your partners won’t be faced with the disappointment and hardship of having to close the business in the event of your passing.

There are multiple types of life insurance, most commonly:

Term Life Insurance

This is life insurance for a fixed period, often used as a starting place for people who don’t currently have life insurance policies. It is less costly than whole life insurance and can be purchased for terms of one year to 20 years. Sometimes term life insurance can be converted to permanent coverage.

Whole Life Insurance

Whole life insurance is a policy put in place for your entire lifetime. Because whole life policies are designed for the long term, they build cash value, which can become an investment opportunity.

Universal Life Insurance

Universal life insurance is another type of permanent insurance with more flexibility built into the premiums and pricing structure. As the cash value of a universal life policy grows, the interest rate adjusts at intervals and is usually guaranteed not to dip below a certain rate.

Having life insurance is vital if you have a family or business that counts on you. As you age and as your life changes, your life insurance needs may change accordingly. Have you experienced any of these events in your life, especially recently?

• Getting married or divorced
• Having your first child or another child
• Buying a new home or refinancing your home
• Planning for your child’s (or children’s) education
• Taking on the care of elderly parents or a sick family member
• Receiving an inheritance (or your spouse receiving one)
• Opening or expanding your business
• Welcoming a new grandchild

Do you have a sizable estate? Have you seen your health or that of your spouse deteriorate? These are all factors that affect the type and amount of life insurance you should ideally be holding.

Whether you currently have a policy that needs an upgrade or you want to take out a new life insurance policy, contact SNA Insurance today. Reach out online or call us at 502-243-2234 to talk with an independent insurance agent about your unique situation.

We can put together a plan that will give you the peace of mind of knowing your loved ones can carry on in your absence. We can even discuss living benefits with you, with the possibility of withdrawals or loans being taken against the cash value of your permanent life insurance policy for big-ticket items like a home mortgage or college tuition. SNA Insurance is here for all your Crestwood area life insurance needs.

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