What to Know About Life Insurance

Regardless of how secure your current financial situation may be, unexpected incidents and unfortunate circumstances can inevitably occur. When it comes to your family and loved ones, it may be particularly essential, albeit unpleasant, to plan for tragedies. After all, when others rely on your income or support, an unexpected death can have much farther-reaching ramifications than the initial grief and loss. Given this harsh reality, securing suitable life insurance may be necessary.

What Can Life Insurance Cover?

Life insurance can provide a versatile financial safety net for you and your loved ones. In the event that an insured passes away while a policy is active, beneficiaries can submit a claim for financial assistance. If approved, the resulting payout may go toward helping with various expenses, including the following:

• Funeral costs
• Income replacement
• Remaining debts
• Estate taxes
• Outstanding medical bills

What Life Insurance Do I Need?

There are many types of life insurance. Thoroughly assessing your options and selecting the right policy can make all the difference, as insufficient or inappropriate coverage may offer minimal aid. Consider the following options:

• Term life—These policies typically provide temporary coverage during a predetermined period and may be appropriate if you need to ensure financial stability until a specific date, such as when children would be expected to reach adulthood or a mortgage is scheduled to be paid off.
• Permanent life—As their name suggests, this type of coverage can establish lifelong financial security for beneficiaries should an insured pass away. These policies may be particularly appealing due to their cash value components, which can accrue over time and be borrowed against or invested.

We’re Here to Help

At S & G Mitchell Insurance Agency, we proudly serve individuals and families in the Roseville, CA, area. Contact us today to learn more about life insurance or to compare personalized quotes.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.