Life Insurance: How It Works & Why It Matters

Your decision to purchase life insurance is one of the most important things you’ll do for your family legacy. We all know life doesn’t always go as planned. Preparing for the unexpected is critical to having peace of mind and living a full, happy life. Whether you’re still in college, married, retired, or at any other stage in life, it is never too soon or too late to start planning with a life insurance policy.

How It Works

There are three different types of life insurance: term life, whole life, and universal life.

Term Life is life coverage for a limited length of time, usually in higher amounts directed toward relinquishing debt; for example, $500,000 for a 20-year term.

Whole Life is life coverage for the extent of one’s life that builds cash value. It is designed to cover final expenses and provide a family legacy. Coverage cost never increases and coverage is not lost due to age. An example of standard whole life coverage would be $20,000-30,000 for life.

Last but not least, Universal Life is life coverage specifically tailored to fit individual financial needs. It is sometimes structured as a hybrid incorporating both term and whole life insurance characteristics.

Why It Matters

Did you know that a funeral costs an average of $10,000? Between ceremonies and other funeral home services, the costs can really add up. Protect your spouse, children, grandchildren, and other loved ones in the future by having a life insurance plan.

If you’re planning to leave assets to your loved ones, it is important to make sure they are protected. Life insurance not only protects your assets against final expense, it also facilitates a seamless transfer of coverage to the beneficiary of your choice.

Many Americans believe that Social Security will cover their final expenses, but the government only offers a sum of $255 for non-veterans who qualify and $734 for veteran who qualify. This payment hardly makes a dent in the average $10,000 of final expense costs.

How SFG Can Help

Senior Financial Group offers products that provide peace of mind and specializes in coverage that help you live a full and happy life without fear of leaving your family in undue stress.

We find the best plan for you. Carrying all of the major providers allows us to look at a wide range of insurance plan options and find the perfect fit based on your specific family needs and budget. Senior Financial Group agents can assist you with plans from the following life insurance providers:

  • Aetna
  • AIG
  • Assurity
  • Cigna
  • Gerber
  • Medico
  • New Era
  • Oxford
  • Pekin
  • TransAmerica
  • United of Omaha
  • And many more

For more information on life insurance or to speak to an expert advisor, contact our office at (865) 777 – 0153, or toll-free at 1-800-677-0153, or email us at info@sfgmedicare.com.

Download our FREE
Medicare 101 Guide

Download our exclusive 20-page guide that covers Medicare from all angles, from coverage types to financing options & more!

Ready to Talk To A Medicare Expert?

Click the link below to schedule a free consultation with a licensed Medicare advisor.