Auto insurance, homeowner’s insurance, and health insurance are just a few examples of insurance that we really shouldn’t live without. After all, insurance is meant to help individuals and families in times of need, such as an accident, medical condition or illness, or another type of event that could lead to financial ruin without insurance. Another type of insurance that is just as valuable – and affordable – is life insurance. Life insurance provides individuals with coverage and benefits for when “life” happens – or even when it ends. If you are interested in learning more about the different types of life insurance, how each one works, and which is the right type for you, then contact a reputable and professional life insurance company in Redmond.
How Does Life Insurance Work?
A life insurance policy varies in stipulations, terms, and premiums, all based on an individual’s needs and situation. For example, life insurance policies can provide financial coverage or even serve as a source of income for a specified amount of time to cover lost wages, pay off debts, or even as a strategic estate planning vehicle. Depending on the type of policy, life insurance can also be a type of investment and even provide financial benefits, such as a “death benefit” should a spouse or the individual passes away. Additionally, most death benefits are income tax free, however, it is important to have this type of discussion with a CPA or accountant to be certain how a life insurance death benefit will impact you and your tax status.
For more information on the different types of life insurance, and to determine which type of life insurance policy is right for you, call American Insure-All today at (888)411-AUTO to speak with a life insurance company in Redmond.