We want to be the one to help you be smart, take action, and own your future. Part of achieving that mission is helping you understand the options available to you. Life insurance and annuity products have very distinct features and benefits, but both serve very distinct purposes.
A life insurance policy is essentially funds you save for your family in the event of your death. You make a contract with an insurance company, which guarantees to provide a certain amount of money (the death benefit) to your family (beneficiaries) upon your death. In addition, life insurance can be used as a means of investment or saving.
Life insurance is particularly important if:
- You have a spouse
- You’re a parent
- You have an aging loved one who depends on your income
- Your retirement savings are not enough to sustain your loved ones’ future
- You have a sizable estate
- You own a business
- You have bills, a car loan or a mortgage
- Your family depends on your income to live
By buying life insurance, you're making a long-term commitment. That is why it is very important you know exactly what you're buying and obtain proper advice from a licensed professional.