Life Insurance

Life insurance is a contract that guarantees the insurance company will pay a lump sum to your beneficiaries after your passing. This lump sum is known as a death benefit and can be used to help your loved ones cover funeral and medical costs, among other things.

The two most common types of life insurance policies include term life insurance policies and permanent life insurance policies. Term life policies only last for a set number of years before the policy expires, while a permanent life policy lasts for the rest of the policyholder’s life.

Do You Need Life Insurance?

If you want to provide financial support to your loved ones, life insurance could be a good option for you. A life insurance policy can ensure that your loved ones can take care of any necessary funeral or medical costs after your passing, as well as other costs that may be left in their responsibility.

Here are some examples of those who may want to consider a life insurance policy:

  • Parents with children under 18 or people who want to leave money for their adult children
  • Adults who own property together
  • Young adults who want to get lower rates
  • Families worried about funeral expenses

When Should You Get Life Insurance?

Everyone’s needs, situations, and goals are different, so there is no right time to buy life insurance. However, it’s generally better to buy life insurance younger. If you wait too long and develop a severe health condition, you may not be able to qualify for the policy you want.

Need Help Choosing Life Insurance?

Not sure if life insurance is right for you and want to talk about your options? Coastal Insurance Planning can help. We specialize in answering your questions and helping you make the best insurance choices for your unique lifestyle, circumstances, and needs.