Life Insurance

Life insurance is designed to provide financial support for your loved ones after your death. For beneficiaries, the death payout can reduce some of the financial stress associated with losing a family member or friend.

Life insurance helps create financial stability after you die.

What’s Life Insurance?

Life insurance is an essential financial planning tool. It’s a contract between an insurance company and the policyholder. So long as the premiums are paid as agreed and the policy remains in force, the named beneficiaries included in the policy receive a death benefit when the insured person dies.

When you purchase life insurance, you’ll name one or more beneficiaries. They’ll receive the death benefit without having to pay income taxes or go through probate court to get access to the money. This financial settlement can be used for anything the beneficiaries choose.

Life insurance proceeds are typically used for:

·       Everyday financial needs such as rent or mortgage payments

·       Educational expenses

·       Funeral and burial costs

As the owner of a life insurance policy, you’ll choose the beneficiaries. Some people leave their life insurance proceeds to their spouse or adult children. Others choose a close friend or charity organization.

What Policy Options Exist?

Each person’s financial situation and family structure is unique, and fortunately, you have many options when it comes to life insurance policies. In general, life insurance falls into one of two categories:

·       Term life insurance policies provide coverage for a set number of years. If the insured person dies while the policy is in force, beneficiaries receive the death benefit.

·       Whole-life policies provide coverage for as long as the insured person lives. Many permanent life insurance policies include a savings component with a cash accumulation feature. Policy owners may choose to borrow against the cash value of their life insurance, use the cash value to eventually pay premiums, or “cash out” their policy to receive the cash value minus fees.

When you choose a life insurance policy, you can decide the amount of the death benefit. Depending on your situation, you may decide to establish a trust or beneficiary stipulations to help direct payouts upon your death.

Diamond Insurance Group agents are here to help you understand your life insurance options and choose a policy that supports your long-term financial goals.

Why Get Covered Now?

When you purchase life insurance, your premiums are determined in part by your age and health status. In general, younger and healthier people pay less for life insurance, so it’s smart to purchase a policy as soon as possible.

Life insurance provides critical financial protection for your loved ones, no matter your stage of life. Here’s what you need to know about getting the most out of your life insurance:

·       Term life insurance is generally less expensive than a whole life policy, but it doesn’t have many of the additional features you’ll get with a permanent policy.

·       Young and healthy people may choose to purchase life insurance so they can get the most value for their insurance dollar.

·       Certain riders, like accelerated death benefit, critical illness, long-term care (LTC), and waiver of premium can increase the usefulness of your life insurance policy.

Learn About Your Life Insurance Options

It can be difficult to think about death, but when you take time to choose and purchase a life insurance policy, you provide loved ones with ongoing financial support.

Contact Diamond Insurance Group, Inc. today to learn more about your life insurance options.

Diamond Insurance Group, Inc. provides quality Life Insurance solutions for clients near Sherman TX, Denison TX and surrounding areas.

As your personal situations change (i.e., marriage, birth of a child or job promotion), so will your life insurance needs. Care should be taken to ensure this product is suitable for your long-term life insurance needs. You should weigh any associated costs before making a purchase. Life insurance has fees and charges associated with it that include costs of insurance that vary with such characteristics of the insured as gender, health and age, and has additional charges for riders that customize a policy to fit your individual needs.