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Get DirectionsLife insurance is a critical insurance policy to have because it provides the peace of mind and security that you need and deserve while you are still on this earth. This type of insurance serves as a safety net that can ensure that your family is financially protected in the event of your untimely death.
The Importance of Life Insurance
Our agents at Tackett Insurance Inc., serving the Memphis, TN area, want you to know and understand how important a life insurance policy is.
Life insurance is essential because it can serve as an income replacement for your family so that they can maintain their standard of living, pay bills, and cover their other expenses. This type of policy can also help you with debt coverage on your car loans, credit card bills, and mortgage payments after your death or even while you’re still alive.
Even smaller life insurance policies, such as one you may have through your employer, can help cover your funeral expenses, which will spare your family from having to shoulder that financial burden during an already difficult time.
Types of Life Insurance Policies
There are many different types of life insurance policies that you can choose from. Listed below are the four most common types.
Term life insurance will provide coverage for you and your family, but only during a specified period. Those terms usually are 10, 20, or 30 years. This policy will offer a debt benefit, but only during the term it is in effect. Remember that you can renew it at the end of its term.
A whole life insurance policy will provide your family with a guaranteed death benefit, and it even has a cash value component that will grow over time. The premiums are higher than those for a term life insurance policy, but the death benefit will remain the same throughout the duration.
A universal life insurance policy is the most popular with most people. This is because you can adjust your death benefit and premiums throughout the time you have it in place and can borrow money from it to pay off debts ahead of time.
Contact Tackett Insurance Inc.
One of our experienced and trustworthy agents at Tackett Insurance Inc., serving the Memphis, TN area can assist you in choosing the correct type of life insurance policy for you and your loved ones. Call today for an appointment.