When determining how much life insurance you need, and which type of policy to consider, you need to consider these things: how big your family is, your other financial obligations and goals, and your potential future earnings. And remember that even after you establish a life insurance policy, it’s a good idea to revisit your policy periodically as your needs will change over time.
This type provides protection for a specific period of time. Should you die during the coverage period, your beneficiary receives the policy’s benefit. Or, when it reaches the end of the term and you are still alive, the policy terminates or you can choose to renew (or establish automatic renewal). Guaranteed level term insurance, a common and popular type, stipulates that the premium and coverage amount remain level for a specified amount of time.
This policy type offers protection for the length of your life as long as you continue to pay your premiums, with a portion of each premium going into a tax-deferred cash value account. This portion is larger at first but decreases with time. You can borrow against this cash value or choose to receive it early should you cancel (minus any applicable fees).
When you purchase life insurance, you must name a primary beneficiary to receive the benefit in the event of your death. This may be a person, corporation, or other legal entity, and you may also name multiple beneficiaries and specify and divvy the benefit into any desired percentage you wish. If you name your child (who is a minor) as a one of your beneficiaries, you should also choose an adult as the child's guardian.
Securities offered through LPL Financial, member FINRA/SIPC. Insurance products offered through LPL Financial or its licensed affiliates. VyStar Credit Union and VyStar Investment Services are not registered broker/dealers and are not affiliated with LPL Financial. The investment products sold through LPL Financial are not insured VyStar Credit Union deposits and are not NCUA insured. These products are not obligations of VyStar Credit Union and are not endorsed, recommended or guaranteed by VyStar Credit Union or any government agency. The value of the investment may fluctuate, the return on the investment is not guaranteed, and loss of principal is possible. This site is designed for U.S. residents only. The services offered within this site are available through our U.S. Investment Representatives. LPL Financial’s U.S. Investment Representatives may only conduct business with residents of the states for which they are properly registered. Please note that not all investments and services mentioned are available in every state.
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