Life insurance options and considerations
Life insurance is a way to ensure your loved ones are taken care of when you no longer can. Of course, you want to be sure they are truly your loved ones. Stoneman Schopf can help you with life insurance in Door County, Sister Bay or Sturgeon Bay. It is a human thing to want to take care of those we love, even from beyond the grave.
There are four main categories of life insurance. Term life insurance, whole life insurance, endowment insurance and disability insurance. Term life insurance covers your life for a fixed period, usually around 20 years. This is a good option for a young couple just starting out. Term life insurance will pay your beneficiary an agreed amount of money should you die prematurely. This a cheaper form of life insurance than whole life or endowment insurance. You just need to make sure you pay the premiums every month.
Whole life insurance will continue to cover you for as long as you live, provided you make the required monthly payments. You can also add an endowment clause to your life insurance in which case your policy will accrue a cash or investment value over time. That amount can be paid out to you whenever you want. The investment component will be smaller than the overall value of the policy, but it is still a way to get some direct benefit from your life insurance policy.
Death is not the only thing that can prevent you from taking care of your loved ones. A serious accident or disease can render you unbale to work. Disability insurance can continue to cover your bills and ensure you and our loved ones can maintain your lifestyle in the face of adversity.