The purpose of life insurance is to protect your family’s financial security. It’s unlikely that a savings account would be enough to cover your family’s expenses for years or decades if something were to happen to you. If you live in the Bloomsburg, PA area, let The Good Insurance Group LLC help you obtain the protection your family deserves.
Life insurance is basically a contract between the policyholder and the insured where the insurer pays the beneficiary a sum of money upon the policyholder’s death. Depending on the contract, critical or terminal illness can also result in payment.
There are three types of life insurance:
- Term Life – a simple form of life insurance, you pay a premium for a period of typically 10 to 30 years. If you die during that time, a cash benefit is then paid to your beneficiary.
- Whole Life – this policy is guaranteed to remain in force for the insured’s entire life as long as the premiums are paid or to the maturity date.
- Universal Life – the insured person is covered for the duration of their life if the premiums are paid and they fulfill any other requirements needed to maintain coverage.
Affordable term life insurance is best bought while in your 20s. An individual is healthier and poses less risk to an insurance company. But it is important to remember that accidents and devastating illnesses can happen to anyone at any age.
Don’t let your loved ones remain wanting in the event of your death. A life insurance policy from The Good Insurance Group LLC can provide them with the security they need and deserve. Contact them today for a quote or answer any questions you may have. You will be glad you did. And so will your family.