One of the best investments an individual can make for not only their own future but for the future of their families is to purchase life insurance. This is an investment that an individual pays into over time and grows in value as the years pass. There are two different types of life insurance, term life insurance, and whole or permanent life insurance.
Term life insurance pays the family the value of the policy if the policyholder passes away during the term. These terms can last anywhere between one and 30 years. In some cases, it is easy to switch a term life insurance policy over to a whole life insurance policy if the holder wishes to do so. Whole life insurance pays a benefit once the policyholder passes no matter how old they are when they pass away.
It is a good idea to purchase life insurance when you are young and healthy in an effort to be locked into the lowest possible rates. Life insurance companies typically come to your house and conduct a wellness exam to help find you a rate that takes your risk for early death into consideration based on your health. If you have questions about preparing for your future, contact our firm today.
Working with an experienced estate planning or administration attorney, such as Jaci Feldman of the Woodland Hills, California, Law Office of Yacoba Ann Feldman, will ensure that you are taken care of when you need it most. Contact The Law Offices of Yacoba Ann Feldman for a consultation today.