Life insurance provides peace of mind for the policyholder and their dependents. In the event of death, the face value of the policy will help to provide for the beneficiaries. This allows them to maintain their usual lifestyle even though they no longer get income. At Continuum Insurance Group in North Carolina, we can help you ensure your dependents are protected.
Two basic types of life insurance are available. Whole life and term life. Both of them have a place in a financial plan. Both of them offer benefits for you and your family.
Whole life is exactly what it sounds like; insurance lasts your whole life. It accumulates cash value, and the payments never go up. They are the same for the life of the policy. It accumulates cash value that you can borrow from if the need arises. The rates are lower if you get this when you are young.
Term life is a type of life insurance that has a term. It is in force for a certain number of years. It does not accumulate any value; when it ends, there is no monetary value. You may be able to continue it after the life of the term, but since you are older, the amount that you pay will increase. This type of insurance is the most affordable, and when you need a large amount for a shorter time, it is a good option.
When it comes to how much life insurance you need, you need to consider your dependents' needs if you are not there to support them. How much income do they need, and for how many years? That is the amount you need.
Give us a call at Continuum Insurance Group in North Carolina when you need life insurance advice.
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704-230-0035
704-230-0035
