Is Life Insurance Really Necessary?

In order to answer the question “Is Life Insurance Really necessary?” you need to understand the following:

What Is Life Insurance?

Many people don’t fully understand what life insurance is and how it works. This is partly because life insurance is somewhat complex, and partly because it is a very flexible type of insurance that offers many opportunities for creating security for you and for your family.

The two basic types of life insurance are:

Term life insurance: A term life policy is in force for a specific time and has a face value (coverage amount) that you specify when you buy the policy. In the event that you die within the specified term, the insurance company pays the face value of the policy as a death benefit to your beneficiaries.
Permanent life insurance: A permanent life insurance policy (which includes whole life, universal life and variable life insurance) is in force for your lifetime as long as you continue to make your premium payments. Like term life insurance, permanent life insurance pays a death benefit. But it also has an accumulating cash value. Sort of a Savings component.

You are not planning to have a heart attack tomorrow, or get a cancer diagnosis, or accidentally step out in front of a bus. For that reason, and especially if you are young and healthy and have no dependents, life insurance probably isn’t for you. Or is it?

Let’s look at what life insurance is, what it covers, and why people buy it. Then you can decide if now is the time to give us a call for more Information and a Quote. As you may already know, we work with multiple life insurance carriers, they can compare policies and options on your behalf and help you make the best choice.

Call Us at (914) 693-3500 x204 speak to John

At The MVR Agency, we can determine the right type of Life Coverage that’s best for you. After all, that’s why we’re here. Don’t have a phone or Google Voice, that’s OK send us an email at jverrino@mvragency.com. We want to help you meet your goals, and make sure what’s important to you is protected!