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What is Life Insurance?

A family sitting together and smiling.

Preparation is key.

We hear this often told when it comes to packing for a trip or completing a professional goal. Preparation allows us to be proactive and efficient when a situation arises because solutions have already been considered and are ready to be implemented.

Preparation is necessary for many aspects of our life – as well as our death. While we may not want to consider the aftereffects of our passing, it can benefit your family, friends, and loved ones to prepare for and plan the logistics. One of the logistics to be considered is life insurance.

Life Insurance Explained

Simply put, life insurance offers your family and loved ones a monetary payout in the event of your death. You’ll pay a monthly premium to your insurance carrier in exchange for a tax-free sum of money to be paid to the recipients of your choice if you die while the policy is active.

The recipients of the benefit are called beneficiaries and are often spouses, family members, or close friends. Beneficiaries can view this payout as an income replacement, covering housing, bills, debts, end-of-life costs, and any other expenses that may come up. In the event of your death, the beneficiaries will file a claim with the insurance company and receive funds about two months after the paperwork is completed.

To ensure your loved ones are financially comfortable in the event of your death, it’s recommended to hold a life insurance policy that covers 10-15 times your income. Premiums and payouts are dependent on factors like age, health, and financial needs, and there are a variety of types of life insurance policies that may be considered when evaluating your options. Since no insurance is one-size-fits-all, it’s helpful to work with a licensed agent to find the best plan for your situation.

Life insurance isn’t necessarily for you – it’s for your loved ones. You’re able to protect those that you love the most, even when you aren’t here to do so. All you need to do is pick up the phone to start the conversation, and your licensed professional partner will walk you through the steps to getting coverage.

Start the Conversation About Life Insurance with an Expert Agent at Find The Plan

We recommend using a trusted advisor when enrolling in life insurance and exploring your plan benefits. The trusted, licensed health professionals at Find The Plan are here and ready to partner with you to find the best plan for your needs and budget. Our team of licensed agents has access to a variety of carrier options with no vested interest in the solution you choose, meaning you are getting a plan that truly benefits you.

To get started, we recommend completing our PlanMatch tool. You can complete the questions in just five minutes, and your answers will give our team a better idea of what you’re looking for before we even pick up the phone. Once your profile is complete, you can either contact our team right away or schedule an appointment at a time that is convenient for you.