Life insurance can provide a dependable cornerstone for your financial portfolio, combining protection for your family with savings for tomorrow. Perhaps that’s why many financial professionals recommend buying a minimum of seven to ten times your annual salary to replace your income and adequately protect those who depend on you.
But what type of life insurance is right for you? Permanent (“whole, universal”) or Temporary (“term”)? The answer depends on many factors: your age and number of dependents, your desire to rent or own your life insurance, your annual expenses, the value of your assets and the Social Security benefits your survivors will receive, to name a few. In fact, these days, many policies go far beyond death benefit offerings, allowing the insured to use a policy as a savings vehicle to meet future financial needs with tax-deferred income.
The Gregorys Insurance Agency can help you research the best options for you. Keep in mind, one thing is always certain: life insurance becomes more expensive the longer you wait and harder to obtain if you are diagnosed with a medical condition. Whether you’re buying your first policy or reevaluating your needs based on recent life-changing events, the time is now to give your family the extra protection it deserves.
