Life Insurance

Life insurance is a policy that pays out a set amount of money when the covered person dies. That money can be used for everything from funeral expenses to a financial cushion for your family.

Life insurance can’t protect you against death itself, but it can provide for the people who live after you.

It’s not easy thinking about or planning for the end of your life. In an ideal scenario, you’ll live to see grandkids or travel the world after retirement.

But life doesn’t always go as planned.

And, ironically enough, that’s why you need to plan in the first place.

Because the only constant for every human on the planet is that life eventually ends.

That’s where life insurance comes in. Whether you live to 102 and see all the world’s great landmarks or not, your family and loved ones will need a plan once you’re gone. Life insurance helps your loved ones pick up some pieces.

Now, the type of coverage and how much you buy will depend on your needs.

There are two main types of life insurance:

  • Term Life

    Term life insurance offers coverage for a set amount of time, typically around 30 years. Once the term ends, you no longer have coverage, even if you die after it expires. So you risk paying premiums for 30 years and never getting to use it. On the flip side, it costs much less than whole life.

  • Whole Life

    Whole life insurance offers coverage for your whole life, regardless of when you die. It usually comes with much higher premiums, but these premiums won’t increase as you get older. Whenever you buy a policy, the amount you pay stays the same for the life of the policy.

Is one policy better than another? Not necessarily.

Look at your own individual needs and the needs of anyone you’re taking care of. If you don’t have young kids or a spouse that depends on your income, a term life policy might be enough cushion to cover funeral expenses. For those with kids or a non-working spouse, whole life might offer better protection since it could help provide for them after you’re gone.

That’s what life insurance is really about, after all. It’s a way to provide for the people you love even in death.

Consider, for instance, the cost of funerals in the U.S.

Estimates vary, but the National Funeral Directors Association found that the average price of a funeral (with viewing, burial, and vault) topped $9,000 in 2019. And that doesn’t include other variable costs, like cemetery charges, monuments or markers, flowers, an obituary, and other miscellaneous add-on costs.

Cremation, a less expensive option, still costs upwards of $5,000, not including things like a cremation casket, cemetery fees if there’s a burial, and urns, among other costs.

Life without you might be expensive to those you love.

If you’re the sole breadwinner or an equal breadwinner with your partner, a sudden loss in half the household’s income can be a real financial shock. It might be doubly hard if you have children to support.

Life insurance can’t protect you against death itself.

But what it can do is provide for the people who live after you, whether that’s just to cover funeral costs or to offset a loss in income.

It’s a relatively small investment in an uncertain future, and it’s one of the best ways you can plan for a life that doesn’t always follow a schedule.

Concierge Services

Schedule your one-on-one insurance consultation with a coverage team member, privately and at your convenience.