Life insurance isn't for those who have died—it's for those who are left behind. When shopping for life insurance, consider needs such as replacing income so your family can maintain its standard of living, as well as paying for your funeral and estate costs. As far as the various types of policies go, they can generally be placed into one of two categories: Term and Permanent.
Term insurance generally provides coverage for a specified period of time, for a specific purpose and pays out a specified amount of coverage to your beneficiary only if you die within that time period. You pay the same amount of premium from the first day of the policy until the term ends. Permanent insurance, on the other hand, does not need to be renewed. A permanent insurance policy will stay permanently in effect for the rest of your life so long as premiums continue to be paid.
Mortgage payments, transportation cost and rising grocery bills absorb a large portion of the average household income. This does not include medical expenses, every day household bills, utilities and child education. Not having the right amount of coverage can cripple your legacy along with creating stress to your loved ones well beyond the time of your passing. West Financial Group has several different types of life insurance to fit your budget and to provide your family with the peace of mind they deserve.