Life

Purchasing life insurance is a proactive step in safeguarding your family’s financial future. Life insurance can provide the financial resources needed to cover end-of-life expenses, pay off debts, and support your loved ones’ living expenses in your absence. If you have dependents or financial responsibilities, now is the time to consider life insurance. The two primary types of life insurance—term life and whole life—offer different benefits. Term life provides coverage for a set number of years, while whole life offers lifetime coverage with the potential to build cash value. When applying, be prepared for the process of medical underwriting, where your health and habits will be evaluated to determine your premium rates. Keep in mind that life insurance rates generally increase with age, and if you have pre-existing conditions, you may face higher premiums or even denial of coverage, which is why early planning is essential.