Insurance - burst 08
It may be a lump psalm say like three million dollars but they then they can put that aside and have money to do things like pay off the house pay off some debt have money to live on for a while until they get. You know wife goes to work or you know something happens life goes on. So that's. Got Term Life Insurance, which is for a set period of time at the cheapest way to go says here in my article that it's usually for ten twenty, twenty, five or thirty years when the term runs out to coverage expires. Always thought term life insurance was year to year. You can get a year policy and every year goes up a little bit again, the younger you are the less it's GonNa beat. Then you have whole life insurance. Let can last for the rest of your life and it's also has a death benefit and their what happens with whole life is has a death benefit you pay more in for whole life. It's invest it over time you build up a cash value. and. Then this cast value can borrow against and then repay if you want don't really necessarily have to, and then when you pass away is got a set amount of death benefit or when you don't pass away and you have enough value in there, you start at say when you're twenty five years old when you're sixty five, you can roll it over in some type of nudity and get a monthly payment out of it. That's what a whole life insurance. It's generally a whole lot more expensive than term insurance. So if you just look and. To replace your income upon death then term insurance is the way to go. If you're looking, they used the insurance company to help you in your retirement years. You're not really plan on dying into young, which is an unknown. Then the whole wife may be away that go and this is where your insurance agent can help you identify those. You just gotTa, do your research before you buy it and know what you're getting into before you buy any type of life insurance and they have life insurance for your children for your spouse for everybody for every reason. And then we have disability insurance which I had that when I was south employed when yourself employ. And your income is depending on you doing all the work. And if you're unable to go to work in, then you have zero income, you would need a disability insurance that kicks in after a period of time you have short-term disability and make kick in after two weeks or three weeks, and you have long term disability that kicks in after six months.