There are a number of different types of insurance that can benefit you and your family. However, one kind of insurance that you don’t want to be without, even if money is tight, is Life Insurance in CT.
Life insurance is insurance that provides compensation to a beneficiary in the case of your death. Most people choose their spouse/partner or a family member to be the beneficiary of their life insurance policy, but you can choose anyone you want. You can choose your best friend, a charity or even a company that you own to benefit after your death.
If you have anyone who relies on you financially, then providing for them in the event of your death may be the most important thing that you ever do. The good news is that there is an affordable life insurance option that allows you to provide a larger sum of money to your family early on and reduce that amount as their needs change. This option is called term life insurance.
There is a lot of debate among insurance experts as to the necessity of paying into a life insurance policy that may never pay off. You see, a term life insurance policy is only valid for a certain amount of time. The younger you are, the longer you can carry a term life insurance policy. The older you are, the less time you can carry this policy. The time can range from anywhere between five years to 20 years, although some companies do have longer polices for the very young.
How this works is that you can purchase a life insurance policy of around $250,000, for example, at about 1/4 of the price as a whole life insurance policy. This may allow someone who couldn’t generally afford this large of a benefit to provide more to their family in the event of their death. The downside is that if you don’t die during the life of your policy, the insurance company keeps all of the money that you put into the policy, this is why some experts only recommend whole life polices.
If you’re in the market for Life Insurance in CT, or if you have questions about your options, contact Harrigan Insurance and Financial Services Inc. They will answer all of your questions and help you to choose the right life insurance policy for you and your family.
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