You’re never too young or too old to get a personal life insurance policy. This is a type of insurance that pays a lump sum to your designated beneficiary at the time of your death.
Macino Financial understands that this isn’t always something people enjoy planning or even discussing. However, setting up personal life insurance is one of the most loving things you can do for your family. This is especially true of your spouse who must survive without your income.
You can apply for either term or whole life insurance depending on the specific needs of you and your potential beneficiaries. Whole life insurance, also called universal life insurance, is a permanent policy. That means it remains in effect throughout your life as long as you pay your premiums on time. A whole life insurance policy also serves as a tool for savings or investment. You accumulate cash value over the life of the policy and can borrow money against it if necessary.
As the name implies, a term life insurance policy remains in effect for a set time period or term. This type of policy pays a benefit to your beneficiaries if you pass away while it’s still in effect. It doesn’t pay anything if you live past the term of the policy, but you may be able to apply for a renewal. People tend to choose a term policy for financial reasons since it costs less than a whole life policy.
It can feel overwhelming to select a personal life insurance policy, especially when every company you investigate claims it offers the best coverage at the lowest rates. Macino Financial utilizes our extensive knowledge of the insurance industry to determine the validity of advertising claims. For example, we makes sure the organization holds current licensure and is covered by your state’s guaranty fund. We also know how to check the financial stability of the organization and research its overall reputation. As someone who has been married over 30 years and is the father of three daughters, David Macino can appreciate your desire to provide for your family should you pass away prematurely. His personal and professional experience make him the ideal advisor when it comes to selecting personal life insurance.