The JC Demo Insurance Group, serving Matthews, NC, and the surrounding area, can provide this vital coverage for your family’s protection.
But why is life insurance so important? It protects your loved ones from the potentially devastating financial losses that could result in the event of your passing. It provides financial security, pays off debts, pays living expenses, and pays medical and final expenses.
There are three types of life insurance.
- Term life insurance offers coverage for a pre-determined period – usually 10, 15, 20, or 30 years. Coverage expires when the term ends. However, most term life insurance policies offer optional riders allowing you to renew or convert your policy.
- Whole life insurance does not expire as long as you continue to pay the premiums. This type of insurance offers a cash value component that has growth potential. You can borrow from the cash value, but withdrawals or loans may be subject to an income tax liability, reduce the cash value and death benefit, and cause the policy to lapse. Loans accrue interest.
- Universal life insurance is similar to whole life because it does not expire as long as the premiums are paid. With this type of coverage, you can adjust the premium and death benefit. However, there must be enough cash value to cover monthly charges if a premium payment is missed. Additional premium payments may be needed to keep the policy in force. Any increase in coverage is subject to underwriting.
Certain debts do not go away upon your death. Your loved ones may need to use the money from your estate or sell off other assets to cover them. Do not leave your family in financial straits.
Contact the JC Demo Insurance Group today for a no-obligation quote. You will be glad you did.