Life Insurance in Kendallville, IN
How to Use Life Insurance in Kendallville, IN
Life insurance can be essential for safeguarding the financial stability of individuals and their families.
In the event of the policyholder’s passing, life insurance can offer vital support by helping to replace lost income, settling outstanding debts and meeting other financial obligations for the beneficiaries.
What Are the Different Types of Life Insurance?
Life insurance policies typically fall into the following two categories:
- Term life insurance can offer coverage for a specified period, typically 10 to 30 years. During this time, you pay regular premiums, and if you pass away while the policy is active, a death benefit is made available to your beneficiaries.
- Permanent life insurance can offer coverage for the insured individual’s entire life and includes a cash value component that grows over time.
How Can You Use Life Insurance?
Life insurance can be used for basically any reason, including the following ways:
- Death benefit for beneficiaries—Life insurance can help beneficiaries cover lost income, pay off debts and meet other financial needs.
- Living benefits—Some policies offer living benefits. These allow you to access a portion of the death benefit while you’re still alive if you’re diagnosed with a covered chronic, critical or terminal illness.
- Cash value and living use—Permanent life insurance can build cash value over time. You can borrow from this cash value, make withdrawals or use interest payments to cover premiums later in life.
Learn More
Contact SIA, LLC today to discuss the benefits of life insurance.