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The Washington Insurance Team Life Insurance 101
Life Insurance
Click on the link below for a great video on how life insurance can save your family’s financial future.

A Good Samaritan’s Lasting Legacy:    • Видео  

Life Insurance is never for you. It is for those you might leave behind if you die prematurely.

There is a variety of Life Insurance Types – it depends on your need, the one you should choose.

We will discuss a brief summary below:

Term Life – Typically 10,20 or 30 years. This type of life policy is typically designed to protect a certain amount of assets within a specified time period and then it expires at the end of that period. If you pass away during the pre-determined term, then your beneficiary will receive the policy funds.
Whole Life – This policy is designed to last until you die then it pays a beneficiary. There are some WL policies that build a cash value in addition to the Life Insurance policy.
Annuities – Technically regulated as insurance – you pay a certain amount upfront or overtime and then it guarantees an income every month over the rest of your life after 65.
Indexed Universal Life Policy – This policy provides a death benefit that grows over time. It also provides a retirement income based on building a cash value over time from a variety of indexes, (such as the S&P 500, The Gold and Silver Index, or the Dow Jones)
There is a variety of the above which we’ll discuss in future blog articles.
For now, the thought that should be foremost is the fact that if whoever is the main breadwinner of the family, passes away early, then the ones left behind will be without your source of income.

The secondary breadwinner should also be insured because even if they work from home as a homemaker you will have to pay someone to wash the clothes, prepare meals and help the family. It is going to be hard enough without your loved one, let alone taking on all their tasks plus your own work.

If you only have life insurance through work… With all the businesses closing, and all the people losing their jobs… Do you really want to rely solely on a Life policy through work, to protect your family again from catastrophic financial loss should you pass away early? More and more people have been finding out that their employer canceled their life insurance policy while they were still working there.