Do I Need Life Insurance?

Those with anyone with a family or dependent can benefit from purchasing a life insurance policy. Most people buy life insurance policies to help ensure their family is taken care of in the event of their passing. Many policies pay out money to help pay for funeral and burial costs, mortgage payments, college tuition, and daily expenses. Purchasing life insurance in Arkport, NY helps ensure loved ones can continue living the life they are used to living. 

If you have questions about if you need life insurance, call the agents at Genesee Valley Agency. 

Determine Your Family’s Need for Life Insurance

Life insurance ensures your family can continue to live the life they are accustomed to in the event of your death. Are you still wondering if you need life insurance? Ask yourself the following questions, and if you answer yes to any question, you need life insurance. 

  • Do others depend on you financially? 
  • Does your spouse depend on your income? 
  • Are you a caregiver for an elderly relative who relies on your income? 
  • Do you own a business? Or have a business partner? 
  • Do you want to expand your savings or estate options? 

Types of Life Insurance Policies

There are two basic life insurance policies — term life insurance and whole life insurance. Each policy provides a death benefit payout in the event of the policyholder’s passing; however, they do differ in many ways. 

Term life insurance only pays out benefits if the policyholder passes during the term of the policy. So, for example, if you purchase a ten-year policy, the policy would expire at the end of the term, and no death benefits are paid out if the policyholder is still alive. 

Whole life insurance pays out a death benefit no matter when the policyholder passes. Essentially, this policy lasts the policyholder’s entire life. Additionally, you can borrow money against your whole life insurance policy because it does carry a cash value, where a term life insurance policy does not. 

Those in Arkport, NY, still wondering if they need life insurance should call the experts at Genesee Valley Agency to discuss policy options and benefits.