What kind of life insurance do you have? How much should you have? Life insurance can serve a variety of purposes including covering the loss of your income for your beneficiaries. Knowing your needs and the benefits that the various types of life insurance provide is important for having an efficient and strategic financial plan.

Types of Life Insurance

As mentioned above, life insurance can serve a few different purposes and it’s important that you know how each type of policy can serve you. Life insurance policies can be divided up into two basic categories:

Term Life Insurance

Term Life insurance is a temporary policy that can last as little as 5 years and up to 30 years. Some term life insurance policies can be renewed or converted into a whole life insurance policy once it has served its purpose. Term life insurance policies can function as a means for paying debt during retirement, can supply your loved ones with income if you pass away prematurely, and can be a means for affording expenses of your children during the years they are dependent on you.  

Permanent or Whole Life Insurance     

Permanent or whole life insurance is a policy that is usually bought for the purpose of providing income to your beneficiaries when you die, as well as covering funeral expenses, growing your assets, paying estate taxes and more. There are many types of whole life insurance, so if you need a permanent policy there is most likely one that will fit your needs.

Next Steps

Are you ready to use the benefits of your life insurance policy to achieve your financial goals, but are unsure what kind of policy you have, let alone what benefits it provides? The financial advisors of Successful Financial Strategies would love to help you take full advantage of your policy. We have offices in Arden and Hendersonville to serve you. We have one goal in mind: To help you reach your financial goals through strategic financial planning and wealth management.  

Contact Us

If you would like to learn more about how protecting your loved ones with the right insurance product can provide peace of mind, fill out the form below or contact us to speak to a financial advisor. In addition to helping your get the most out of your life insurance we provide insurance services and can also help you in your retirement planning, wealth management, tax planning, and more. Contact us or fill out the form below to speak to a financial advisor at Financial Successful Strategies.  

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