What is Life Insurance?
There are many kinds of life insurance, but they generally fall into two categories: term insurance and permanent insurance.
Term insurance is designed to meet temporary needs. It provides protection for a specific period of time (the “term”) and generally pays a benefit only if you die during the term. This type of insurance often makes sense when you have a need for coverage that will disappear at a specific point in time. For instance, you may decide that you only need coverage until your children graduate from college or a particular debt is paid off, such as your mortgage.
In contrast, permanent insurance provides lifelong protection. As long as you pay the premiums, and no loans, withdrawals or surrenders are taken, the full face amount will be paid. Because it is designed to last a lifetime, permanent life insurance accumulates cash value and is priced for you to keep over a long period of time.
It’s impossible to say which type of life insurance is better because the kind of coverage that’s right for you depends on your unique circumstances and financial goals.
But remember, the best way to figure out the amount and type of life insurance that makes sense for your particular situation is to meet with a qualified life insurance professional.
For more information on how we can assist you with your short-term or long-term life insurance, please contact our Bethlehem, PA office for a quote.
What is Final Expense Life Insurance?
Final Expense Life Insurance is strictly used to cover funeral and burial costs. This coverage enables you to free your loved ones from the burden and worry about the expenses associated with a funeral. These expenses include caskets, hearse, headstone, etc., all of which can quickly add up to a significant amount of money. Without Final Expense Life Insurance, loved ones are often faced with coming up with the money to cover all the costs associated with a funeral at once – which can only add to the anxiety and emotions they are already experiencing.
Contact Kleppinger Insurance today and we can help determine if Final Expense Life Insurance is right for you.