There are key benefits to having an insurance policy in place when you pass, such as covering your last expenses and assisting your family financially when you are gone. There are also a few important facts to keep in mind about your Connecticut life insurance policy.
You Have Choices
You can choose between a term life policy and a permanent life policy. Term life policies tend to be cheaper and offer a fixed rate for the duration of your plan. On the other hand, permanent or whole life policies last a lifetime, as long as your minimum payments are made. These plans do tend to be more expensive, however they also gain equity which allows you to use some of the money from your plan for other expenses while you are living.
Key Things it Should Cover
Your Connecticut life insurance policy should provide enough money to cover your final expenses, as well as some other key expenditures for your family. When deciding the proper amount of your insurance, keep these key things in mind:
- Funeral costs
- Pay off expenses (mortgage, car note, etc.)
- Household expenses for 6 months to 1 year
- College costs for each child
When you consider your Connecticut life insurance policy, keep these important facts in mind. By doing so, you will ensure that you and your family are fully covered.