Life insurance is one of the most important investments you can make to secure the financial future of your loved ones.
At Pinnacle we take the time to help you determine the best coverage for your individual life insurance needs.
When considering the level of life insurance coverage you need be sure to keep in mind the financial obligations your loved ones will face, such as mortgage payments, estate taxes, debts, education expenses, etc. The right life insurance policy helps alleviate those financial responsibilities. In addition, changes in your life mean your financial and insurance needs will probably change as well. That’s why it’s good to periodically review your life insurance options.
A whole life insurance policy will cost more in the long run, but it has the most return for the money. A term life policy is best for short periods of time when extra security is needed.
Whole life insurance is a continual policy that is paid throughout the entire life of the individual from the moment the payments begin. These premium payments will remain the same and they are often higher than a term life policy. With whole life policies you often can withdraw money against the policy and whole life policies actually accrue interest over time.
Term life insurance is in effect for only a set period of time. The premiums are smaller initially than whole life policies. The premiums increase over time and they do not accrue interest. The individual cannot regain money spent on this policy unless the policy holder dies. Once the term of the insurance policy is up, the money is never regained.
There are several ways to help you save money on life insurance, including: improve your health, quit smoking, buy the right amount of life insurance – don’t overspend, get life insurance as soon as the need arises (starting a family, etc.), pay your life insurance bill annually, and more.
Pinnacle can help you make smart decisions when it comes to purchasing life insurance.