No one wants to think about what happens when we’re gone, but knowing you can leave behind a legacy that will protect your family makes it a little bit easier. Today’s life insurance products are flexible and may have living benefits as well, with some policies that help you save and accumulate cash you may use in retirement.
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To decide what type of policy is best for you, consider the amount of coverage you need and customization options, such as a chronic illness rider or a waiver-of-premium benefit, for example. You should also consider your goals, including whether you want to build savings within the policy or have access to living benefits.
Life insurance options include term life insurance, whole life insurance and return of premium life insurance:
- Term life insurance provides coverage for a specific period.
- Whole life insurance, often called permanent life insurance, provides coverage that lasts for life and may offer tax-deferred cash value accumulation or living benefits.
- A return of premium policy provides level coverage for either 20 or 30 years. After that term, if the insured is still living, you can receive your premium back or exercise other guaranteed provisions in the contract.
“Life insurance has changed throughout the last decade and now is often used for more than just a death benefit,” says John Selky, Indiana Farm Bureau Insurance manager of life sales and product specialist. “Today, your life insurance benefit may be used to secure your family’s future, fund an inheritance, help protect you financially if you experience a covered chronic illness, supplement your retirement or help provide financial security.”
Life insurance is a way to prepare for the unexpected while also providing peace of mind for yourself and your loved ones if the unexpected occurs. A local Indiana Farm Bureau Insurance agent can help you determine how much life insurance you need and what policy and features best fit your current and future needs.
Find an agent at infarmbureau.com/find-agent or call 800-723-3276. Life insurance benefits are subject to policy terms and conditions. Indiana Farm Bureau Insurance does not provide legal or tax advice.
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